“Up until recently, the chaos caused by the Great Depression seems nearly inconceivable. At least, it was to influential Financial Times columnist Martin Wolf.
But in an editorial published yesterday, he writes that the euro crisis has led him to understand how fear and a lack of credible safety nets in the financial system can result in a disaster like the Great Depression:”
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He’s just figuring that out NOW? Brilliant!
Esteemed financial journalists don’t have to be worried about silly things like making correct market calls, so they have the luxury of taking their time to digest the information.
But you are right, 80 years seems like a little much…