CAMBRIDGE: With each passing day, the 2008 global financial crisis increasingly looks like a mere dry run for today’s economic catastrophe.
The short-term collapse in global output now underway already seems likely to rival or exceed that of any recession in the last 150 years.
Advertisement Advertisement Even with all-out efforts by central banks and fiscal authorities to soften the blow, asset markets in advanced economies have cratered, and capital has been pouring out of emerging markets