This slump won’t end until 2031
December 14 — Our predicament parallels Long Depression of 1870s
In retrospect, it wasn’t hard to see that the markets were becoming dangerously unstable. Germany had just adopted a new monetary system, and Europe was being flooded with cheap German money. Greece had signed up to a monetary union with Italy and France but was struggling to hold it together.
Financial markets had been deregulated. New technologies were transforming production and communications, allowing money to move across borders at lightening speed. Read more
