Scott Sumner returns to the debate with a piece for The Economist, and just in the nick of time.

History isn’t repeating itself this summer. That may change, but for now the economy seems to be righting itself. Or perhaps it’s more accurate to say that the economy is finding some support. Granted, it’s tenuous and precarious, but it’s still better than the alternative. It was a different story a year ago, when the deterioration picked up a head of steam and trouble bubbled all the way through August. It’s still too early to rule out a repeat performance, but for the moment there’s reason to think that maybe, just maybe, the summer of 2011 will be better.

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