Avoiding globalized crisis

Nothing in finance is completely unprecedented, but the globalisation of credit – and weak central bankers – has made this cycle truly special, in an awful sort of way. They should do better next time. Traditionally, the business cycle provoked a meaningful downturn at least once, often twice a decade. Excesses were weeded out, with no little pain. But in the real economy and the financial one, risk pulled back. Excess was not allowed to build upon excess. Not this time. Thanks to ultra-loose ...