Article of interest: That rubbish they talk about the credit crunch

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This article is from the Times online and is written by Gerard Baker. It is one of the more seminal articles representative of some of the rubbish I personally heard with respect to the implications of the bailout in historical terms. Yes, while it’s true we are in a mess, it’s also true that we will work out of this mess just as we have in so many other economic crises in our history. We have been virtually bankrupt no less than four times in our history and in each of those cases we came out even stronger. This is a mess, to be sure; however, it is by no means, as one of my internationalist friends told me the other day at Starbucks, the beginning of the shift of power from the United States to other countries, economies, and ideologies. Enjoy the article!

Original writing date: October 6, 2008
Article writing date: October 3, 2008

 

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