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by leon on May 7, 2009
Is this crisis shaping up as worse than what we saw in the 1930s. There are some claims that this might be the case.
In Britain, the National Institute of Economic and Social Research has forecast that GDP in the UK could GDP could fall more this year than in 1931.
"The pace of decline to date shows a remarkable resemblance to that of the depression of the early 1930s, though that similarity should be broken as a feeble recovery gets under way in the final quarter of this year," the NIESR said.
Black Swan author Nassim Nicholas Taleb has told a conference in Singapore that the crisis could be worse than the 1930s because financial systems and economies are much more interconnected which limits how much governments can do to drag the globaleconomy back from the precipice and attempt to become debt free.
Permalink: Financial crisis worse than the 1930s?
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