Second great contraction?

There is good reason to think the Global Financial Crisis will last a few years longer.

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10th July, 2010

Global financial crisis

We once had a Ford Escort that got stuck crossing fords. The first time this happened, I involuntarily switched on the starter motor, which gave just enough power to push us through to dry land. The economy has been a bit like that. When the Global Financial Crisis stalled the world economy, we got it moving again with a fiscal stimulus. There has been some recovery in the North Atlantic economies, but it's weak, and some people think there will be a relapse and that unemployment will remain high for some time. In the jargon, it may be a "W" or "double-dipper", and that may be a precursor ...

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