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Paul Krugman declared “Japan used to be a cautionary tale, but the rest of us have messed up so badly that it almost looks like a role model”
Lehman Brothers
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“Dick didn’t do macroeconomics. He didn’t do Japan. He didn’t do Limeys and he didn’t do listening. Dick just did Dick”
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Twelve months on from the collapse of Lehman Brothers and much about the event remains mysterious. It was the trigger that caused a deep recession, which began in the US but steadily crept across Europe and Asia, morphing into a global catastrophe worthy of a potboiler novel.
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A notable phenomenon of this past year of living dangerously in financial markets has been the triumph of the ultra-bears. Deeply pessimistic commentators such as Nourel Roubini who were previously unknown or had only niche followings have been propelled to rock star status.