Economic View
Four Nations, Four Lessons
The recent economic histories of four nations are noteworthy: France, Greece, Japan and Zimbabwe.
Each illustrates a kind of policy mistake that could, if we are not
careful, presage the future of the United States economy. Think of them
as the four horsemen of the economic apocalypse.
Let’s start with Zimbabwe. If there were an award for the world’s worst
economic policy, it might well have won it several times over the past
decade. In particular, in 2008 and 2009, it experienced truly
spectacular hyperinflation. Prices rose so fast that the central bank
eventually printed 100 trillion-dollar notes for people to carry. The
nation has since abandoned using its own currency, but you can still
buy one of those notes as a novelty item for about $5 (American, that
is). NASTAVAK OVDE
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