US recession Give heresy a chance

The Federal Reserve much prefers the «great moderation» to «creative destruction». But the US central bank could be making the wrong choice. A purifying recession might be the best way forward for the US economy. Moderation is something new in economic history, really the last two decades. Before the industrial age, bad harvests led to famines. Early industrial declines were almost as dramatic - US output fell by 29% between 1929 and 1933. Economists considered depressions and recessions facts ...