Megan McArdle tells you why the economy is NOT in shambles. Below are the headlines, click through the link to hear why...
Item One: The Iraq War did not cause this problem
Item Two: The Bush tax cuts also did not cause this
Item Three: Being on the gold standard would also not have prevented this mess
Item Four: Among the many other things that did not cause the current crisis was the repeal of Glass-Steagall
Item Five: The collapse of Bretton Woods--also not a cause of the current crisis!
Item Six: The long twilight of American economic might is not yet upon us
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3 comments:
i thought i saw steven seagal...
wtf is glass steaglasz
van damme > seagal
I think megan is trying a little to hard to discredit "cranks" and consequently taking away from the contributions many of these things have made to the crisis. While i am inclined to agree with here regarding commodity currencies, i think he assessment of the Iraq war helping stabilize financial markets is ludicrous.
Pete, you and Megan are on a first name basis?
Ps. I think these responses may be the winners in the "least relevant or thoughtful comments on the blog to date" category.
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