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Putin Misunderstands History. So, Unfortunately, Does the U.S.

By Niall Ferguson

22 Mar 2022 · 13 min read

In a recent academic article, I showed how true this was after both the 9/11 terrorist attacks of 2001 and the “9/15” bankruptcy of Lehman Brothers in 2008. Policy makers used all kinds of historical analogies as they reacted. “The Pearl Harbor of the 21st century took place today,” President George W. Bush noted in his diary, late on the night of the attacks, to give just one example, though many other parallels were drawn in the succeeding days, from the Civil War to the Cold War.

Seven years later, Federal Reserve Chair Ben Bernanke and New York Fed President Tim Geithner were the first members of the Federal Open Market Committee to appreciate that, without drastic measures, they risked re-running the Great Depression.

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