The demise of Bear Stearns was the beginning of a six-month erosion in global financial stability that would culminate with the failure of Lehman Brothers on September 15, 2008, triggering possibly the greatest financial crisis in history. To be sure, the Great Depression of the 1930s involved a far greater collapse in economic activity. But […]
For over a quarter century, the one figure that dominated discussion of China’s economy was this: eight percent. Beginning in 1982, when leader Deng Xiaoping established the percentage as necessary to quadruple the size of the country’s GDP by 2000, China has seldom failed to achieve it—even in 2009, when the world was enduring the worst downturn since the Great Depression. […]
Greek society has been radically transformed by years of austerity and cutbacks. It is now decaying before our eyes – and it’s pulling the country’s democratic system along into the abyss. Read Here – The European
Timothy Geithner took over as Treasury Secretary in the middle of the greatest financial crisis since the Great Depression. In four years, he helped design the largest government stimulus package in history, and contended with a weak recovery, millions of Americans losing their homes, obstinately high unemployment and complicated budget negotiations. To his fans, he […]
More than half a decade has passed since the recession that triggered the financial panic and the Great Recession, but the condition of the world continues to be summed up by what I’ve called ‘turboparalysis’ — a prolonged condition of furious motion without movement in any particular direction, a situation in which the engine roars […]
Every big financial crisis has its own defining characteristics, but both in origin and consequence, such implosions tend to be remarkably similar. In virtually every case, you first see a long period of excess in financial risk-taking, where credit spirals out of control. This ultimately proves unsustainable, and in the resulting bust the process of […]
looking beyond borders 