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The Financial Crisis of 2011: Why This Time is Different

The Financial Crisis of 2011: Why This Time is Different

It’s happening again. International credit markets are showing signs of strain; economic growth around the world is stalling; and there are growing fears the global economy could slip back into a recession. Last Friday, amid this unfolding financial turmoil, the Group of Seven (G-7) finance ministers met in Marseille, France. Despite calls from the International Monetary Fund (IMF) for the group to “act now — and act boldly,” the summit ended without any concrete plan of action. Indeed, the finance ministers could barely even muster a short communique. This contrasts starkly with how the world’s leading economies reacted to similar, […]

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