If Europe's financial problems continue they could lead to a U.S. recession, Columbia University economics professor Frederic Mishkin warned Tuesday.
Unlike investor Jim Rogers, who told CNBC earlier Tuesday the U.S. has more serious problems than Europe, Mishkin says this is an "internationally interconnected" world.
"The start of the U.S. financial crisis was BNP Paribas. So it was a French bank that started the ball rolling in August 2007," Mishkin told CNBC. "The real danger is if Europe’s financial system starts to belly-up, we will be directly impacted. That’s actually the scary part of the scenario right now."
There is already stress in European interbank lending markets, he said, and "if that spills over to the U.S., and the U.S. financial system started to have bad effects, that would drive us into another recession. The danger from a blowup in Europe is very real."