The Hill News

“What we are experiencing is not a recession, neither great nor small, but rather a global transference of wealth, power and prestige on an unprecedented level, carried out, in von Clausewitz’s words ‘by other means’.”

Where do we go from here?

We’ve already established that this is not a typical business cycle and this recession falls out of scope of previous recessions. Even the Great Depression was typical in the sense that it set off a worldwide fall in demand and productivity. It is now widely understood that while government intervention did stop the catastrophic collapse of the global economy, this intervention did little to revitalize global economic growth which did not resume until the onset of World War II.

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