Do you remember the pic posted here often of the rabbit with the pancake on his head?
Look at this pic. (4 smiling girls with a pancake on their head or in the air)
http://static.10gen.com/businessinsider.com/~~/f?id=4a3690824b54370b00042b2a
Time to pay the piper!
On a serious note I am always suspicious of professors from Berkley.
(Would judge an economist by his university, but Berkley is Extreme Left)
Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987.
He is a CEPR Research Fellow, and a fellow of the American Academy of Arts and Sciences, and the convener of the Bellagio Group of academics and economic officials.
In 1997-1998, he was Senior Policy Advisor at the International Monetary Fund. He was awarded the Economic History Association’s Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division’s Distinguished Teaching Award in 2004.
He is also the recipient of a doctor honoris causa from the American University in Paris.
His research interests are broad-ranging, and include exchange rates and capital flows, the gold standard and the Great Depression; European economics, Asian integration and development with a focus on exchange rates and financial markets, the impact of China on the international economic and financial system, and IMF policy, past, present and future.
“The government policy response to the collapse, however, has been much more aggressive.”
Well, we don’t have the Smoot-Hawley tariff this time around, which is a plus.
“Thus, we will soon collectively learn whether the economic historians are right that the original Great Depression was caused by “policy errors” after the collapse...or whether, as some suspect, there is simply no way to avoid catastrophe after a financial bubble the size of the one we just had.”
No, we won’t. Empirical evidence will never settle economic questions. If they did, things like the world’s failure to get out of the Great Depression and the collapse of the Soviet Empire would have put a dent in socialists’ minds by now.
you really have a thing for charts!
Thanks for posting this