On Sunday, in Aix en Provence, at an annual conference of Le Cercle des économistes, a French group, Prof. Roubini said that a second contraction was not likely, either in the United States or in the world economy as a whole.
This sounded reassuring, in the wake of a column by the Nobel-prize winning economist Paul Krugman in the New York Times, in which he likened the present to the 1930s and said, “The odds of a prolonged slump are rising by the day.” That column has stimulated a vast amount of worried commentary in the past few weeks.
Source The Globe and Mail
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