The G-20 summit is underway in London and world leaders are hoping the day will end with a new global deal for tackling the worldwide recession. It’s a moment that reminds our next guest of the end of the year 1930, when the world was 18 months into the Great Depression. Stocks were down about 60 percent, corporate profits had been cut in half, and unemployment had climbed from 4 percent to about 10 percent. Sounds familiar, right? To help us understand what tools world leaders and central bankers can use to the global economy out of a recession and whether a return to the gold standard can help that is Liaquat Ahamed, the Author of Lords of Finance: The Bankers Who Broke the World.
"The Europeans are on the wrong track, in that the world desperately does need a global stimulus package." —Author Liaquat Ahamed on fixing the world economy