How Close Are We To New Great Depression? -- Catherine Boyle, CNBCThe risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.
“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.
“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.
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Commentaries, Opinions, And Editorials
What will Morsi do about Syria? -- Cumali Önal, Today's Zaman
Clinton’s interference has angered Egyptian liberals -- Linda S. Heard, Special to Gulf News
New Pipelines Will Reduce Tehran’s Power -- Max Boot, Commentary
Islam key to Afghan Dream -- Imam Feisal Abdul Rauf and Daisy Khan, Special to CNN
U.S. is moving too fast on Burma -- Michael Green and Daniel Twining, Washington Post
South Korea: A deal too far with Japan -- Aidan Foster-Carter, Asia Times
Is Isolated Taiwan Propping Up Dictators? -- Cain Nunns, The Diplomat
Spain Awaits Cash Injection As Reforms Fall Short -- Deutsche Welle
Greece: The end of the European dream? -- The Cafe/Al Jazeera
Dilemma for Greek youth: Fight or flee -- Irene Chapple, CNN
Impasse in El Salvador -- Washington Post editorial
Hardheaded Socialism Makes Canada Richer Than U.S. -- Stephen Marche, Bloomberg
Today's Kids Inherit World Reverting To Barbarism -- Mark Steyn, Investors.com
Why NOT make Olympic uniforms in China? -- Daniel J. Ikenson, Special to CNN
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