Editorial 67 - Everything was going pretty well . . .
Everything was going pretty well - bar the collapse of the odd merchant bank and billions of quids’ worth of government intervention - until just before Christmas, when, with an almost inaudible sigh, it all fell apart. After a couple of decades in which we were assured that growth was the norm and that we lived in an era of secure, easy money, safe from boom and bust, it turned out that the boys with the bonuses had spent the last twenty years defying gravity with their fingers crossed. Mr Galbraith would have been proud of them, given that he forecast a repeat of 1929 many, many years ago, with such conviction that he wrote a long book about why it was bound to happen again.

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