The Secret History of the Financial Crisis
Though official history portrayed the world's major central banks as embracing coordinated action to rescue the global financial system from disaster, the reality is that the Fed played the leading role. In fact, the Fed has effectively emerged from the crisis as the world’s central bank, while the IMF has been left on the sidelines.
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PRINCETON – Balzac’s great novel Lost Illusions ends with an exposition of the difference between “official history,” which is “all lies,” and “secret history” – that is, the real story. It used to be possible to obscure history’s scandalous truths for a long time – even forever. Not anymore.