{"id":46267,"date":"2014-10-08T18:00:34","date_gmt":"2014-10-08T18:00:34","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/ft_martin_wolf-we_are_trapped_in_a_cycle_of_credit_booms\/"},"modified":"2014-10-08T18:00:34","modified_gmt":"2014-10-08T18:00:34","slug":"ft_martin_wolf-we_are_trapped_in_a_cycle_of_credit_booms","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=46267","title":{"rendered":"(FT) Martin Wolf&#8211;We are trapped in a cycle of credit booms"},"content":{"rendered":"<p>Huge expansions in credit followed by crises and attempts to manage the aftermath have become a feature of the world economy. Today the US and UK may be escaping from the crises that hit seven years ago. But the eurozone is mired in post-crisis stagnation and China is struggling with the debt it built up in its attempt to offset the loss of export earnings after the crisis hit in 2008.<\/p>\n<p>Without an unsustainable credit boom somewhere, the world economy seems incapable of generating growth in demand sufficient to absorb potential supply. It looks like a law of the conservation of credit booms. Consider the past quarter century: a credit boom in Japan that collapsed after 1990; a credit boom in Asian emerging economies that collapsed in 1997; a credit boom in the north Atlantic economies that collapsed after 2007; and finally in China. Each is greeted as a new era of prosperity, to collapse into crisis and post-crisis malaise.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/intl\/cms\/s\/0\/1a9f058e-4d43-11e4-bf60-00144feab7de.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Huge expansions in credit followed by crises and attempts to manage the aftermath have become a feature of the world economy. Today the US and UK may be escaping from the crises that hit seven years ago. But the eurozone<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=46267\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,50,209,201,502,582,589,149,200,590,671,119,133,584],"tags":[],"class_list":["post-46267","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-international-news-commentary","category-americau-s-a","category-asia","category-china","category-consumerconsumer-spending","category-corporationscorporate-life","category-economy","category-europe","category-european-central-bank","category-federal-reserve","category-globalization","category-history","category-the-u-s-government"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/46267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46267"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/46267\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}