Where would the US be today without the shale stimulus?

When one thinks about why the US has outperformed, a lot of the analysis is destined to focus on fiscal and monetary policy. And while I think that’s an important thought process to go through, I believe that bank recapitalization and shale oil were the differential stimuli that helped the US recover better than Europe. Let me explain below.

When one thinks about why the US has outperformed, a lot of the analysis is destined to focus on fiscal and monetary policy. And while I think that’s an important thought process to go through, I believe that bank recapitalization and shale oil were the differential stimuli that helped the US recover better than Europe. Let me explain below.
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