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A Crisis in Search of a Narrative

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THE NEW SOFT SHOE
Writing in the Financial Times, Daniel Yergin notes about a dozen grand narratives that could have a profound impact on life post-crisis.

"Will the Great Recession be followed by the New Caution, changing people’s spending and saving habits, lowering future growth? Will prudence loom larger in financial markets? People who lived through the Great Depression were deeply averse to risk and were loath to buy stocks or keep too much money in one bank.

While the Great Recession will have nowhere near that effect, its impact will last for years."
SOURCE:   Financial Times

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