The crisis culminated in a collapse of asset prices at the end of 2008.

NEW YORK The eurozone crisis is reaching its climax. Greece is insolvent.

The crisis came to a head in August 1975 when Sheikh Isa dissolved the National Assembly.

So yesterday s (pre crisis) world is being resurrected.

In the years following 2000 but before the financial crisis hit, the proportion of SWF equity investments allocated to foreign markets had been increasing, reaching a peak of 90 during the second quarter of 2008.

By contrast, the government sector has been moving in the opposite direction, as state and local governments retrench and federal purchases top out after post crisis deficit explosions.

The hope was that policy settings soon would return to pre crisis norms.

Investment flows have recovered, reaching the annual average for the years prior to the Asian crisis.

Thus, the Turkish economy returned to its pre crisis levels in 2010.

It fluctuated in the top 20 before reaching its peak at number 11 on July 24, 2010.

Once the current global crisis is over, nothing will ever be the same again.

In many advanced economies, real GDP remains lower than its pre crisis level.

The discussions before the crisis illustrated how little had been done to repair economic fundamentals.

Continuing to assume the resumption of pre crisis growth was necessary to justify postponing hard decisions.

By 2009, national income was twice what it was at the nadir of the crisis, in 2002, and more than 75 above its pre crisis peak.

DAVOS The World Economic Forum s annual meeting in Davos has lost some of its pre crisis panache.

Moreover, we do not even know whether these numbers are unusually high when compared to pre crisis trends.

With household consumption accounting for about 70 of the US economy, that 2.7 percentage point gap between pre crisis and post crisis trends has been enough to knock 1.9 percentage points off the post crisis trend in real GDP growth.

The fact that many Western economies got out of recession last year should not fool us into thinking that the crisis was only a brief interlude, and that the post crisis world can return to the pre crisis status quo.

At the same time, while consumer confidence is on the mend, it remains well below pre crisis readings.

Likewise, Argentina s poverty rate has fallen by some three quarters from its crisis peak, and the country weathered the global financial crisis far better than the US did unemployment is high, but still only around 8 .

The idea is that if there is no adequate incentive to restructure once a crisis starts, it should be built in before the fact.

Equally interesting is the link that the study finds between income inequality and pre crisis economic policy.

BERLIN Just weeks ago, the worst of the financial crisis in Europe seemed to be over. Stability seemed to be returning.

The Post Crisis Crises

In short, it is because China began its adjustment one year before the global crisis that its economy emerged earlier than other countries.

Missing all of these signals produced the pre crisis illusion of sustainable growth and employment, and helps explain why the crisis, rather than its causes, is viewed as the culprit.

Of course, all these comparisons are made with how things stood last month rather than with the country s pre crisis economic performance.

Turkey s unemployment rate is currently at its lowest point in a decade, and the public debt ratio is significantly below the pre crisis level.

The stock reached its high point last July.

This process later culminated in the Revolutions of 1989.

But it was responsible for allowing flawed expectations of a sharp recovery to pre crisis levels of output and consumption to persist.

Before the crisis, such ideas would have been dismissed out of hand.

The case against Bernanke rested partly on his performance before the crisis.

During this time, the magnitude of contraction will be significant, with roughly one quarter of all developing countries expected to cut expenditures below pre crisis levels.

Meanwhile, GDP in many European countries remains markedly below pre crisis levels.

Many advanced economies must still address the end of the pre crisis growth pattern generated by excessive domestic demand.

A transitory rebound from such a hard fall is not surprising, and German output remains below pre crisis levels.

Its current account surplus peaked, before the financial crisis of 2008, at around 11 of GDP.

The reason is simple the pre crisis period of consuming capital gains that turned out to be at least partly ephemeral inevitably led to a post crisis period of inhibited spending, diminished demand, and higher unemployment.

But American power has peaked.

It peaked at number seven in its eighth week on the singles chart.

The following week it climbed to a new peak of number four.

It had a fiscal surplus before the crisis after the crisis, its deficit increased to more than 11 of GDP.

And yet, although these central banks failed us before the crisis, they should still play the lead role in preventing the next crisis.