Where did the economic crisis begin?

Gordon Brown is keen for us to believe that the current economic crisis began in America.

Professor Michael Pettis disagrees. He thinks it began in China.

(Hat tip: David Bau)

Comments

[Patrick]

Great article that Brown and Cameron need to understand. The UK must save more, borrow less, grow productive capacity, shrink the public sector, live within our means.

[Saurabh Dhanuka]

To the average American, it might seem ludicrous to suggest that the United States is not in a recession right now. But economists' fuzzy definition of the term makes it hard to say when a recession actually starts until we're well into one. You might hear, for example, that recession occurs when GDP growth is negative for two or more consecutive quarters. But that's not an adequate measure, most economists agree. Right now there is a lot of talk about a recession. The financial buzzword that is out there this month is “Recession” and for good reason. t has become increasingly vital that as American citizens, we begin to understand how we can properly safeguard ourselves against the risk of a potential downturn in the economy. Obviously there are no real guarantees in life, but there are numerous healthy and advantageous steps that can be taken in order to mitigate your losses during any financial turbulence that should occur in the near future.