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by orwin
1 day ago
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What caused the second recession in Europe was a decrease in energy supply. Country that depended the most on the North sea or North Africa oil and gas exports suffered the most. We still live under the constraints of our world, and energy availablity is a big one. |
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It caused the double-dip recession in 2012: https://www.macrotrends.net/global-metrics/countries/euu/eur... and https://www.statista.com/statistics/621489/fluctuation-of-fi...
The actions of the ECB caused at least 10 years of misery for Europe. The 2008 crisis was inevitable, but the US bounced back from it within 2 years. While Europe is _still_ not fully recovered.
Bernanke deserves a lot of credit for that. He was brave enough to ignore the deficit hawks who were screaming about "inflation" and "debasing the dollar".