This fall, economics stopped being dry and boring (at least for me), and everyone started paying intense attention. Some even too much. But what the heck is going on and is still shaking our ground?
Why has the financial crisis (which has been called earth quake, monster, train) hit so hard, now? And how come it became so bad in the first place? And who could provide the best explanations? In Norway, financial online news such as DN, E24, Hegnar Online have all reached new records in the past few weeks.
My friend, Mindy, recommended me listening to this radio program at Chicago Public Radio, Another Frightening show About the Economy (I would also recommend it). Here, they explain, among other things, how bad mortgages got the system sick, and how this disease turned into an epidemy (a little medical metaphor, Elin Ørjasæter has a nice piece about how Norwegian journalists are looking at the financial crisis through a fairy tale prism, looking for the crook).
If you are ready to go further, check out this guy’s blog, Paul Krugman, who received the news about his Nobel prize in Economics with the most laidback blog post I’ve seen:-) (1873 comments so far). He is professor of Economics and International Affairs at Princeton University and a columnist at the New York Times. But he has hardly time for celebration:
But actually, I’m already sick of talking about me. Meanwhile, we still have the financial crisis of our lifetimes to deal with.
This Nobel prize winner has even published an essay about How he works. Impressive.
However, the crisis itself provides essential and long-needed feedback about the dangers of pursuing a singular approach, especially if it is wrong.
And while the EU leaders are meeting in Brussels tomorrow to talk about, among other things, the €2 trillion rescue package and, for a change, we can read that Gordon Brown is experiencing his finest hour (but not quite still).
Puh. And it’s not over yet.