Depression's advocates
Berkeley
BACK in the early days of the ongoing economic crisis, I had a line in my talks that sometimes got applause, usually got a laugh, and always gave people a reason for optimism. Given the experience of Europe and the United States in the 1930s, I would say, policymakers would not make the same mistakes as their predecessors did during the Great Depression. This time, we would make new, different, and, one hoped, lesser mistakes.
Unfortunately, that prediction turned out to be wrong. Not only have policymakers in the eurozone insisted on repeating the blunders of the 1930s; they are poised to repeat them in a more brutal, more exaggerated, and more extended fashion. I did not see that coming.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
In Jamie Dimon’s America, the stock market has already voted
Musk has made Tesla a meme stock
The dog ate Japan’s plan to phase out coal power
Beyond US aid, Ukraine needs European allies to step up
Singapore offices await a new wave of tenants
Climate philanthropy key to South-east Asia’s green transition