The Return of Depression Economics

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Surely the Great Depression could never happen again. Or could it? Over the course of the last two years, six Asian economies have experienced an economic slump that bears an eerie resemblance to the Great Depression. Russia defaulted on its debt in 1998―an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the U.S. bond market. At Long-Term Capital Mnagement some of the brightest financiers in the world, working for the Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the overleveraged positions that caused the 1929 stock market crash.Such events – and the significant questions they raise for policy makers – are the topics of this lively, informative book.

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