Niall Ferguson, "The deleveraging process has barely begun"
Niall Ferguson, professor of history at Harvard University and author of The Ascent of Money, A Financial History of the World, was interviewed by The Globe’s Heather Scoffield. Mr. Ferguson pointed out that Taiwan’s exports fell 45 percent in the 4th quarter of 2008, which he characterizes as a depression-style contraction. He adds that we are not in a recession, but a crisis of excessive leverage, which will likely be deep and protracted and could produce a lost decade.
Source:
http://www.theglobeandmail.com/servlet/story/LAC.20090224.RFERGUSON24/TPStory/Business
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