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Economies in meltdown: lessons from past financial crashes

HistoryExtra podcast

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The Effect of Euphoria on House Prices

There was euphoric buildup in house prices in the United States and Europe. Those who didn't believe that increases were sustainable made a huge amount of money. After 2008, central banks now have a mandate to look at financial stability not just price stability. You can try to prevent a financial crisis for becoming a global meltdown but you're never going to prevent the next crisis.

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