Word: depressionitis
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While the parades go by, many economists believe that the global economy could fall into an unprecedented financial catastrophe. It cannot be called a depression because the events of the 1930s cannot be repeated. Government institutions and the fabric of world trade have changed too much. So has the composition...
James Buchanan basically started this trend, with 1866's instantly forgettable Mr. Buchanan's Administration on the Eve of the Rebellion, a partial attempt to shift blame for the causes of the Civil War away from his administration. Later the 18th president, penniless and deathly ill in his final years...
It is an article of faith among economists that rising global protectionism intensified the Great Depression of the 1930s. History looks back at the infamous Smoot-Hawley Act, which jacked up tariffs in the U.S., as a disastrous step that stymied the international economic cooperation needed to alleviate the worst...
?Here we are, almost 80 years later, and possibly about to make the same mistake. Although there have been no headline-grabbing Smoot acts to call the world's attention to the threat, there is mounting evidence that, once again, government and business leaders are inching toward the type...
Clearing access to credit for banks, firms and consumers is crucial. Interest rates may be at their lowest since the Bank of England was created more than 300 years ago, and the banking industry may have already received $55 billion in government money, but nervous British lenders are simply not...