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August 24, 2008
The U.S. as Financial Nuisance
Cute quote from a French banker after the crisis of 1907 that I just ran across:
The U.S. is a great financial nuisance.
Coming after nasty U.S.-led financial crises in 1873, 1884, 1890, 1893 and 1907, this was an understandable and widely-held view. But after going a big chunk of this century without such crises (arguably from 1941 to 1971), the U.S. is seemingly back to its old tricks: We have had U.S.-sparked banking/financial crises in 1988, 1998, 2000, and 2007/8. How long until someone says the same thing about the U.S. as financial nuisance today?
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