“(Martin Wolf the Financial Times economics commentator says) Blaming American homebuyers for their liar loans or Greece for its overleveragedness doesn’t fly. These agents behaved logically, given the forces at play. In the grand scheme of things, economics and economists failed, not economic agents…

…He is more interested in explaining how vast macroeconomic and secular shifts (technology, global financialization, aging populations) made the meltdown a certainty. When Asian countries and Germany created massive saving surpluses, that money had to seek an investment return in nations that were running savings deficits. Wolf explains this process without miring his readers in jargon, though you might want to bone up on current account balances.”, Bill Saporito, excerpt from his Time Magazine review of Martin Wolf’s new book: “The Shifts and the Shocks” What We’ve Learned…and Have Still to Learn…From the Financial Crisis”

Posted on October 7, 2014, in Postings. Bookmark the permalink. Leave a comment.

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