Geithner’s Gamble by Simon Johnson - Project Syndicate

Geithner’s Gamble by Simon Johnson - Project Syndicate
Geithner ignores everything that we know about the pattern of financial development around the world. It is very rare for financial systems to develop without major crises. In fact, experience in recent decades confirms what should have been obvious from previous centuries: as countries grow and accumulate savings, they become increasingly prone to financial collapse. Given Geithner’s extensive international crisis-fighting experience at the US Treasury, the International Monetary Fund, and the New York Federal Reserve, his current naiveté on this point is simply stunning.