Financial Crises

    Credit-financed markets are inherently unstable. Inevitably, the pattern of payment promises doesn't align with actual ability to pay. What happens then depends on institutions, regulations and management. Today, the credit system is global, and so also is the prospect of financial instability.

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    Krugman and Stiglitz: Crazy Austerity Policies Inflict Untold Damage on Economy

    Two Nobel laureates, an election, and a shaky economy. The message? We can do a whole lot better. Read more