Creditanstalt

The news about Greece's bailout has me thinking a lot about Creditanstalt, the Austrian bank which collapsed in 1931. This account bears remembering because we should see the 1929-1933 descent as a two-part episode, with the second part…

The latest piece of big news in the sovereign debt crisis comes, remarkably, from Iceland. The country collapsed into depression after its experiment as an open economy with a large banking sector went pear shaped. After a debt-fuelled…

This account bears remembering because we can see the 1929-1933 descent as a two-part episode, with the second part starting here. It should be noted that there were a lot of positive economic signs before the Creditanstalt ruined this.…