Can a repetition of the US Great Depression of the 1930s or Japan's more recent protracted recession of the 1990s be avoided? Both were results of a severe banking crisis. The answer is yes, if the vicious cycle of asset price decline and banking credit crunch can be avoided.
Rodrique Tremblay is an emeritus professor of economics at the University of Montreal.
In economics, as in medicine, it is never too late to do the right thing.
to read his article published on: www.globalresearch.ca 10/12/2008, click on
http://www.globalresearch.ca/index.php?context=va&aid=10537
Original: Anatomy of the American Financial Crisis