Martin Wolf on "rational panic"

Raleigh Addington
Raleigh Addington
editor at Chartwell Speakers

Writing in today’s Financial Times, Martin Wolf, the newspaper’s Chief Economic Commentator, says he now understands how the 1930s depression could have come about:

“All one needs are fragile economies, a rigid monetary regime, intense debate over what must be done, widespread belief that suffering is good, myopic politicians, an inability to co-operate and failure to stay ahead of events. Perhaps the panic will vanish. But investors who are buying bonds at current rates are indicating a deep aversion to the downside risks. Policy makers must eliminate this panic, not stoke it.”

 

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