“It is impossible to be confident about the future development of market confidence. But the continuing mayhem in global equity markets and in most other systemically important financial markets, the fear and mistrust that have caused the banks to stop lending to each other and the growing sense of doom about the outlook for the real economy all suggest that without further radical policy measures we are unlikely to escape from the downward spiral sucking the world economy towards a re-run of the 1930s.”
Posted by: João | October 10, 2008
Willem Buiter – Dead bank walking
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