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For 2008, read 1907. This time, however, China and India have emerged well, unlike America, Britain and Europe
William Rees-Mogg
It has not been too difficult to foresee the course of the 2008 credit crisis, since it has followed the classic pattern of financial panics. There has been nothing new so far; it is just that the world forgot the lessons of previous panics: an expensive oversight.
One of the classic panics occurred in 1907, when the failure of the Knickerbocker Trust precipitated a credit crash on Wall Street, which was eventually brought under control by the great US banker, J.P. Morgan.
http://www.timesonline.co.uk/tol/com...Submitted=true
William Rees-Mogg
It has not been too difficult to foresee the course of the 2008 credit crisis, since it has followed the classic pattern of financial panics. There has been nothing new so far; it is just that the world forgot the lessons of previous panics: an expensive oversight.
One of the classic panics occurred in 1907, when the failure of the Knickerbocker Trust precipitated a credit crash on Wall Street, which was eventually brought under control by the great US banker, J.P. Morgan.
http://www.timesonline.co.uk/tol/com...Submitted=true