Are we are in a recovery stage or are we still caught in the recession? Regardless of how “improved” the state of the global economy as indicated by economic data, there are questions that still need to be answered.
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Financial panics are an integral part of capitalism. So are economic recessions. The system generates them and it becomes stronger because of them. Like forest fires, they are painful when they occur, yet without them, the forest could not survive. They impose discipline, punishing the reckless, rewarding the cautious. They do so imperfectly, of...
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