It’s
hard to believe, but almost six years have passed since the fall of
Lehman Brothers ushered in the worst economic crisis since the 1930s.
Many people, myself included, would like to move on to other subjects.
But we can’t, because the crisis is by no means over. Recovery is far
from complete, and the wrong policies could still turn economic weakness
into a more or less permanent depression.
In fact, that’s what seems to be happening in Europe as we speak. And the rest of us should learn from Europe’s experience.
Before
I get to the latest bad news, let’s talk about the great policy
argument that has raged for more than five years. It’s easy to get
bogged down in the details, but basically it has been a debate between
the too-muchers and the not-enoughers.
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