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Old Truths for a New Economy September 6, 2012 London Stock Exchange Lawrence H. Summers Charles W. Eliot University Professor, Harvard University The Profile of Recession and Recovery Source: NIESR GDP Recovery Since Mid-2009 Source: Krugman “Conservative bankers regard it as more consonant with their cloth, and also as economising thought, to shift public discussion of financial topics off the logical on to an alleged ‘moral’ plane, which means a realm of thought where vested interest can be triumphant over the common good without further debate.” - John Maynard Keynes, A Tract on Monetary Reform CUKT1U10 Curncy (UKT CDS USD SR 10Y) GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield) GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield) CUKT1U10 Curncy (UKT CDS USD SR 10Y) GUKG10 Index (UK Govt Bonds 10 Year Note Generic Bid Yield)