Is this 1931 all over again? Paul Krugman, Nouriel Roubini, Niall Ferguson and more think so
Jun 25, 2012
Is the world about to repeat the economic catastrophe of 1931?
A growing chorus of economists of all stripes thinks so.
“Suddenly normally calm economists are talking about 1931, the year everything fell apart,” writes Nobel prize winning economist Paul Krugman in the New York Times.
“The parallels between Europe in the 1930s and Europe today are stark, striking, and increasingly frightening, write Bradford DeLong and Barry Eichengreen in the new preface to Charles Kindleberger, The World in Depression 1929-1939.
“We see unemployment, youth unemployment especially, soaring to unprecedented heights. Financial instability and distress are widespread. There is growing political support for extremist parties of the far left and right.”