Remember Greenspan and his quip about Irrational exuberance? We're in danger of going in the opposite direction. Don''t get me wrong. I know times are tough, but this is no time for anyone to bury their heads ostrich-like in the sand and hide in their little silos. There's a lot of scary stuff being churned around - a recession as bad as the 1930s, maybe even the worst since well Noah.
But here's just a little statistic - not that accurate. World trade at the beginning of the twenty-first century was probably fifty times greater than it was in the 1930s. Globalization, like it or loathe it is going to get us out. In the meantime we mustn't try looking for solutions in the past, and think that we can fall back into a nice little comfort-zone where things happen as they always did.
