Confronting Fear
With fear gripping consumers, companies, and countries worldwide, talk has turned from a moderate advanced-country recession to a major world depression. But, while the dynamics of such fears are potentially catastrophic, these dynamics can also be broken.
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WASHINGTON, DC – Even as the squeeze in interbank lending has started to ease after the rescue of financial systems across the advanced countries, falling economic indicators have sent stock markets tumbling. Pressures on emerging-market countries, which were once thought by many to have “decoupled” from the rest of the world, have intensified as foreign loans are called in and assets sold off.