Barry Eichengreen and Kevin O’Rourke looks at the present situation compared with the post-1929 crisis:
To summarize: the world is currently undergoing an economic shock every bit as big as the Great Depression shock of 1929-30. Looking just at the US leads one to overlook how alarming the current situation is even in comparison with 1929-30.
The good news, of course, is that the policy response is very different. The question now is whether that policy response will work.
The response of Danish voters? In short: Let’s repeat the mistakes of the 1930s.
There are explanations for this self-defeating position, but it still means that politicians have a big task ahead of them if they don’t want to wreck the global economy.