Saturday, September 29, 2012

Saturday Omphaloskepsis: The US economic recovery in context

Via The Dish:

All told, the recent U.S. financial crisis looks very similar to the historical crises as detailed by Reinhart and Rogoff – your “garden variety, severe financial crisis.” However the US labor market has performed better than 4 of the previous Big 5 crises and Japan’s economic and employment experience over the past twenty years is unique in its own right.
In other words, it's not happy times, but it's far better other world financial crises of the same scale. (And considering the financial shitstorm that's happening in the EU - which is having knock-on effects on the US and is something that the US can't directly control - it's actually awesome.)

Oh, and Japan is almost through its second "lost decade".

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