That’s it, then. The global recession is over. At least that’s what Federal Reserve Chairman Ben Bernanke says. Answering questions last week, the world’s most powerful central banker said the U.S. recession was “very likely over at this point.” Much the same story is being played out in the rest of the world, with the German, French and even U.K. economies gradually recovering from their own slumps.
And yet the biggest shock to the global financial system since the 1930s won’t just leave us with a legacy of lost output and higher unemployment. The recession will reshape the way we think about the economy for a generation. Over time, we will see that the credit crunch caused shifts of power and influence between industries, professions and countries.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLQvYAhSAVsA
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