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Megan McArdle comments on the stock market crashes that have followed Japan’s recent earthquake:

Periodically, you hear students of the Great Depression wondering whether another shoe is going to drop, the way it did with Austria’s Creditanstalt in 1931. The economy looked as if it was going to recover from a sharp, but not all that unusual recession–and then Creditanstalt failed and everything really went to hell. Unfortunately, we have a lot of candidates for the next disaster: oil disruptions in the Middle East, the European debt crisis, and now Japan.

Pessimist though I am, I have to admit that “gigantic earthquake in Japan” was not on my list of possible flash points for the global economy. And in the end, I don’t think it will be. Still, it just goes to show that you can’t think of everything. If the losses in Japan expose weaknesses in the insurance industry, who knows what might happen next?

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In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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