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“The past is a foreign country: they do things differently there.” — L.P. Hartley, English novelist

It must now be obvious that, economically speaking, we’re in another country. Things we once took for granted no longer apply; things we never imagined occur all the time. We’ve entered a zone of ignorance where familiar experience and ideas count for less. “Thirty years ago, if you’d said that the United States and Europe were going to be the centers of financial crises, people would have thought you were crazy,” says economist Fred Bergsten. The unforeseen is now routine.

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