Thursday, November 10, 2011

The Current Financial Crisis in the US and Europe

From Brad Delong's blog:
I have been complaining for some time now that Reinhart and Rogoff think that the time is always 1931 and that we are always Austria--that the great fiscal crisis is about to erupt and send us lurching down toward Great Depression II.

Well, right now guess what? The time is 1931, and we are Austria.


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