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ChrisCook:
"The 15-year period when the world economy can rely on the American consumer to drag the world out of recession is over," said one British official.

So the world economy since the early '90s has essentially been in recession, only "dragged out" of it by US consumer debt? That's an amazing admission from a British official, considering that New Labour's sizzling neolib economy that was such an example to fuddy-duddy Europe is entirely contained in those fifteen years.

And so we also get this other kind of rewriting of history:

ChrisCook:

Economists have long warned of the dangers of imbalances in the global economy - specifically huge trade surpluses and currency reserves built up by exporters such as China, and big deficits in the US and other economies.

Have they now? If my memory serves me well, there were no audible warnings before we hit the wall.

(Sorry, Chris, it's meta, I know...)

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Sep 22nd, 2009 at 02:43:12 AM EST
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