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A Greater Depression

With the COVID-19 pandemic still spiraling out of control, the best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis.

But given the flailing policy response so far, the chances of a far worse outcome are increasing by the day.

  • Nouriel Roubini
  • Project Syndicate

NEW YORK – The shock to the global economy from COVID-19 has been both faster and more severe than the 2008 global financial crisis (GFC) and even the Great Depression.

In those two previous episodes, stock markets collapsed by 50% or more, credit markets froze up, massive bankruptcies followed…

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