When Krugman gets scared, I get nervous

Paul Krugman:

Brad’s blog is the go-to place for all balance-of-payments-related data analysis. Now he has a post up about US exports. Why is this important? Exports have been the one good thing about the US economic situation; in fact, the reason the economy didn’t fall off a cliff immediately when the housing bubble burst was that, for a while, export growth took up the slack.

But Brad says that the export boom is over — in fact, it now looks like an export slump. Like he says, ut-oh.