Old Truths for a New Economy

Lawrence H. SummersCharles W. Eliot University Professor, Harvard University

September 6, 2012London Stock Exchange

The Profile of Recession and Recovery

Source: NIESR

GDP Recovery Since Mid-2009

Source: Krugman

“Conservative bankers regard it as more consonant with their cloth, and also as economising thought, to shift public discussion of financial topics off the logical on to an alleged ‘moral’ plane, which means a realm of thought where vested interest can be triumphant over the common good without further debate.”

- John Maynard Keynes, A Tract on Monetary Reform

CUKT1U10 Curncy (UKT CDS USD SR 10Y)GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield)

GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield)CUKT1U10 Curncy (UKT CDS USD SR 10Y)GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield)