We treat the economy as something that moves along steadily with occasional interruptions. Look at the history of economics and notice that financial crises are common, the current model isn’t very old, and while we are making improvements the system needs to evolve to something more robust and sustainable. Since the 1970s, there are have been 147 banking crises. Each is different, and yet each is an example of a system that failed and a need for change. In only seven, however, have the countries closed the banks, so Greece is part of an uncommon set. Whatever happens to Greece, unless there is global systemic change, financial crises will continue. We are a yound species and a young civilization. It shouldn’t be a surprise that we’re still trying to figure out how to make this all work.

(Click on the chart for the link.)

“Financial Crises Surprisingly Common” – Pew Research

One thought on “Government Financial Crises Common

  1. Pingback: Data That Matters July 2015 | Pretending Not To Panic

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