If you’re looking for insight into the lessons learned from the global financial crisis, you could do a lot worse than this Walter Russell Mead essay. Mead nails down a bunch of thoughts that have been swirling in my head recently, that I haven’t had the time or the talent to express as articulately. In particular, the idea that the Battle of Financial Markets, as he calls the initial stage of the crisis, has now given way to the Battle of State Finance. By that he means that the global economy’s theoretic backstop — i.e., the state’s capacity to rescue […]
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