Difference between revisions of "2007-12-23 Crisis may make 1929 look a walk in the park"

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<noinclude>[[category:data.links]]</noinclude>{{#vardefine:keylist|}}{{data.pair|Date|2007-12-23}}
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{{data.pair|Topics|\global economy\Ambrose Evans-Pritchard\great depression}}
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<let name=data index=Date>2007-12-23</let>
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{{data.pair|URL|2=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/23/cccrisis123.xml}}
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<let name=data index=Topics>\global economy\great depression\2008 financial meltdown</let>
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{{data.pair|Title|Crisis may make 1929 look a 'walk in the park'}}
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<let name=data index=Author>Ambrose Evans-Pritchard</let>
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{{data.pair|Text|&ldquo;As central banks continue to splash their cash over the system, so far to little effect, [[Ambrose Evans-Pritchard]] argues things are rapidly spiralling out of their control&rdquo;}}<noinclude>
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<let name=data index=Source>Telegraph.co.uk</let>
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<let name=data index=URL>http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/23/cccrisis123.xml</let>
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<let name=data index=Title>Crisis may make 1929 look a 'walk in the park'</let>
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<let name=data index=TextShort>&ldquo;As central banks continue to splash their cash over the system, so far to little effect, [[Ambrose Evans-Pritchard]] argues things are rapidly spiralling out of their control&rdquo;</let>
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<blockquote>
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<p>Twenty billion dollars here, $20bn there, and a lush half-trillion from the European Central Bank at give-away rates for Christmas. Buckets of liquidity are being splashed over the North Atlantic banking system, so far with meagre or fleeting effects.</p>
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<p>As the credit paralysis stretches through its fifth month, a chorus of economists has begun to warn that the world's central banks are fighting the wrong war, and perhaps risk a policy error of epochal proportions.</p>
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<p>"Liquidity doesn't do anything in this situation," says [[Anna Schwartz]], the doyenne of US monetarism and life-time student (with [[Milton Friedman]]) of the [[Great Depression]].</p>
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<p>"It cannot deal with the underlying fear that lots of firms are going bankrupt. The banks and the hedge funds have not fully acknowledged who is in trouble. That is the critical issue," she adds.</p>
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</blockquote>
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</hide><if not flag=including><let name=docat val=1 /><noinclude>{{:project:code/show/link}}</noinclude></if>

Revision as of 22:08, 19 May 2009

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