Because I was on holiday I failed to notice and approve a comment from one of the greatest economists writing about money and the economy, on this very blog.

I apologise. Robert Hetzel is one of the godfathers of the Market Monetarist school, and the book he has written and rightly recommended, The Great Recession: Market Failure or Policy Failure?, is one I recently finished and learned greatly from. It is an excellent history, of crises long gone as well as the recent one. Moreover it is a thorough grounding in the difference between a credit crisis and a monetary crisis.

If you only read the press you would never realise the difference. They lump everything into the box “stuff that the Bankers do”. There is a key difference. Read Hetzel to see why.




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