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Title: The catastrophe that didn't happen.
Review: The author predicted a worldwide economic crisis after the first oil shock, for the simple reason that the oil producing countries couldn't spend the money surplus they collected after the drastic increase of the oil price. That would lead to a worldwide depression. It was not to be.We now know what happened. They gave the money to the US banks, who (Walter Wriston) lent it to different countries, for in his opinion a country could not go bankrupt. But those countries couldn't repay their debt and provoked a first round of bank mergers with a loss of thousands of jobs.Good information on the Herstatt bankruptcy.Only for historians.
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