Economist: America’s banking crisis: Worse than Japan?

Posted at Economist today:

THERE is one consolation for the depressing instability of finance. History offers a rich array of banking crises from which policymakers can draw lessonsand against which todays rescue plans can be judged. According to an IMF database, there have been 124 systemic banking crises since 1970episodes in which bad debts soared across the economy and much of the banking sector was insolvent.

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