Four months later…

Tengku Razaleigh Hamzah

"We are in the midst of a once-in-a-century credit tsunami"

– Alan Greenspan, October 23, 2008

After the Great Depression, economists thought they had banished economic crashes to the history books. We were said to be in a new economic era in which carefully calibrated management of interest rates and money supply by Central Banks would keep the system humming without major disruption. Today's crisis, sparked by a reckless greed which implicates the entire US financial establishment, has rubbished that view. The policy thinking of John Maynard Keynes, who puzzled over the causes of the Great Depression and described the remedy that Franklin Delano Roosevelt applied, has been dusted off and brought back to life. Suddenly everybody is a Keynesian again.