Upcoming Lost Decade for the World's Economy
Martin Wolf, Financial Times | February 18, 2009
Japan's experience in the 1990s is no longer seen simply as a terrible recession but has become an example of how to recover from the current financial crisis. ++ What conclusions can be drawn to rescue our economies? ++ The balance-sheet deflation inside the US is far shallower than in Japan in the 1990s, but the global implications of the current crisis are far greater. ++ The US will not be able to rely on its exports to return to growth; "where is the demand to come from?" ++ Everybody is in the same boat.
