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2021-09-04

How Covid Shook the World’s Economy By Adam Tooze

 Tooze leaves the reader with a clear sense of foreboding: about our preparedness for the next crisis, and about its imminence. It’s a warning we should take seriously.

Tooze’s implication is clear: The West has no systematic ability to prevent or effectively fight large-scale crises. Our political systems are broken by cultural division and, in Tooze’s view, hamstrung by outmoded economic principles.

Robert E. Rubin, Treasury secretary from 1995 to 1999, New York Times 3 September 2021

https://www.nytimes.com/2021/09/02/books/review/adam-tooze-shutdown.html


When liquidity is flushed indiscriminately into the financial system, it inflates bubbles, generating new risks and outsize gains for those with substantial portfolios.

Adam Tooze New York Times 1 September 2021

https://englundmacro.blogspot.com/2021/09/coronavirus-what-lessons-have-we.html


 Committee To Save The World

That was the famous 1998 Time Magazine cover featuring Alan Greenspan, Larry Summers, and Robert Rubin, trumpeting their efforts to prevent the Asian financial meltdown (and everything else that year) from turning into a global rout.

https://www.businessinsider.com/david-zervos-committee-to-save-the-world-part-deux-2012-7


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