In January 1969, at the inauguration of his first
Presidency of the United States, Richard Nixon declared: “We have learnt finally
to manage a modern economy in a way to assure its continued growth”. With
hindsight one can see to what degree such optimism has been cruelly refuted by
reality: from the beginning of his second term, hardly four years later, the
United States would have their worst recession since the Second World War,
which would be followed by other increasingly serious recessions.