Tweet by darioperkins

March 27, 2026

thanks to everyone who shared this. For those asking about the main differences: - credit spreads had blown out before the 1990 oil shock. The credit cycle had already turned - the corporate sector was in deficit in 1990, whereas that is not the case today (although position today somewhat flattered by superstars) - the US was a net energy importer in 1990 and the oil intensity of GDP was higher - the dollar was falling, in part because the RoW (esp Europe) was expected to absorb the shock better. Germany was about to get its reunification boom

Author
darioperkins
Date
March 27, 2026
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