Economic crisis may blow over but it is time for government to spend

Provided that the world’s central bankers are up to the task, this instability will eventually blow over.

25th August, 2007

Provided that the world’s central bankers are up to the task, this instability will eventually blow over.

Most financial crises share some similarities. Actors on the financial stage begin arguing that ‘‘this time it’s different’’, and then borrow a lot of money to invest in that belief. The technology bubble around the turn of the century is a recent case in point.

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