Martin Wolf: The Financial Crisis -2/5

Martin Wolf - Associate Editor and Chief Economics Commentator for the highly regarded Financial Times as well as the author of the acclaimed "Fixing Global Finance" - provides a solid overview of the current financial and economic crisis. He discusses at length: (a) forces unleashed by the Asian financial crisis of 1997-98; (b) role of these forces in generating massive asset bubbles in the developed world; (c) US and Asian perceptions of the reliability of capital markets and exchange rate mechanisms; (d) America's handling of the financial crisis since summer of 2007, (e) the range of solutions - including nationalization - available to Western policy markers; (f) comparison of the current crisis with Japan's "lost decade" and the Great Depression; and (g) the likely reduction in American power as a result of the current financial crisis. This interview was recorded in February 2009.

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