Former IMF Adviser: As Bad As Great Depression

Contrary to what many economists think, the economic crisis is the worst since the Great Depression, and the downturn has been even more severe in many other parts of the world than in the United States, said Barry Eichengreen, a former senior policy adviser at the International Monetary Fund.

The crisis has highlighted the growing importance of major emerging-market economies, such as Brazil and China, Eichengreen told Bloomberg Markets.

What’s more, the resilience and stockpiles of currency reserves of these economies will make them a “force to be reckoned with” in any debate over global finance, he said. (more)