Dan Drezner says the system worked:

The initial shock of the 2008 financial crisis was worse than what happened in 1929, and yet we didn’t experience another Great Depression. Outside the developed world, the global economy has actually done remarkably well. That’s the interesting story, as far as I’m concerned.

This is true. It didn’t work perfectly, or even as well as it should have. But it worked. What’s more, you can make a pretty good case that the United States did a better job—or, at a minimum, as good a job—as any other major region in the world. We could have done a lot better if we had been plagued by fewer of what Keynes famously called “slaves of some defunct economist,” but still. It’s worth celebrating that for all the mistakes we made, we really have learned a lot, and we really are able to handle global economic meltdowns a lot better than in the past.

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BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

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