The New Depression?
In my final post of 2012, will draw on insights from three heterodox economists to critically examine the state of the global economy. First, Richard Duncan, author of The New Depression , was recently interviewed by the New Left Review (h/t, Fred Lecoq): You were one of the very few analysts to predict the full enormity of the financial crisis, writing as early as 2003 of a coming credit crunch that would have ramifications throughout the asset-backed securities sector, necessitating giant bail-outs for Fannie Mae, Freddie Mac and financial-insurance companies, and a possible meltdown in the multi-trillion-dollar derivatives market. This prescience was in stark contrast to the complacency of most mainstream economists. Could you describe how you came to write The Dollar Crisis—what was the course of your intellectual development and what did you learn from your experience as a Far East securities analyst? I grew up in Kentucky and went to Vanderbilt University. My plan was t...