Brace for a Long Recovery From Global Credit Glut: Simon Johnson

Until recently, the standard narrative most analysts applied to macroeconomic news went like this: We had a major financial crisis in the fall of 2008, which immediately brought on a severe recession that would be followed by relatively fast recovery.

All countries suffered to some extent; all should recover, albeit presumably at varying rates, and reasonable people could disagree about which nation would grow faster and in a more durable manner.