Martin Vander Weyer Martin Vander Weyer

Spikes and stagnant growth: why we are where we are

Who’s to blame for the imminent recession? This scholarly perspective on the history of interest and credit gives us a good idea

Traders at the New York Stock Exchange on 28 February 2020, a dark day for the markets. [Johannes Eisele/AFP /Getty] 
issue 16 July 2022

We live in discombobulating times, economically speaking. We know we’re descending into the highest inflation for half a century and an almost certain recession. But we don’t know quite how painful it’s going to be and we don’t know how to apportion blame between bad decisions and ‘black swans’. Clearly the coming train crash has something to do with the Covid pandemic and quite a lot to do with the madness of Vladimir Putin.

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