There’s a hoary old proverb in the financial markets that a crisis happens precisely when the institutional memory of the last crisis has faded: when all the key chairs are occupied by people who aren’t scared any more, the same mistakes get repeated.
On that basis, in the face of grim economic news around the world, we ought to be reasonably safe from another Lehman Brothers-type meltdown, or even a repeat of the eurozone crisis. But what might be a little bit more worrying is that there are surprisingly few people left who remember how the normal kind of recession happens. » | Dan Davies | Friday, August 16, 2019
