The only things that surpass the printing of currency by all major governments are
-human misery particularly of those who lost their jobs and livelihoods
-amount of text written about the lessons, conclusions, and cures. Many of them are wrong.
Here I will talk about the wrong lessons
1. Solution to bad loans is to give more loans to those who gave bad loans or played on them
2. It is ok to spend much more than you earn indefinitely particularly by governments
3. Spending is an unquestioned virtue. You are a traitor if you do not prop up economy by spending
4. Globalization is bad because it is the same as capitalism and free markets and both them have failed us.
5. Governments and quasi government institutions can pull us out of trouble when their failure to regulate markets (inability honor contracts) caused the problem in the first place.
Many such lessons will be seen around…..