The ‘crisis’ is behind us

The world is not back to ‘normal’ but it is in a lot better shape than it was at the start of 2009. The worst financial crisis and subsequent recession since the 1930s has not turned into a repeat of the Great Depression, and for that we can thank the exceptionally aggressive response from the world’s central banks, led by the US Federal reserve. Mind you, the Fed must accept a huge slice of responsibility for getting us into this mess, with ludicrously accommodative monetary policy early in this decade. Let’s also not forget that the ‘cure’, which helped to avoid economic Armageddon, has involved pumping vast amounts of liquidity into the global economy and saddling governments with huge debts.

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