The IMFs evaluation of 2010 austerity – Simon Wren-Lewis – Mainly Macro

IMF Headquarters, Washington, DC.

IMF Headquarters, Washington, DC. (Photo credit: Wikipedia)

Board of Governors - International Monetary Fu...

Board of Governors – International Monetary Fund (IMF) (Photo credit: Wikipedia)

This is an excellent, must-read article from leading Oxford economist, Simon Wren-Lewis.

via mainly macro: The IMFs evaluation of 2010 austerity.

The article looks at latest evidence available from the Independent Evaluation Office of the IMF. The independent review is critical of the IMF’s excessive dependence upon austerity in 2010.

Regular readers of this blog will know that excessive austerity has been responsible for stunted growth and unemployment in the US, the UK and continental Europe. The damage has between particularly acute in Southern Europe, including Greece, Spain, Portugal, Italy, Cyprus and France.

The IMF were brought to Europe by German Chancellor, Angela Merkel, and together with the European Commission and the European Central Bank have become known as the troika.

According to most leading economists, millions of people have suffered unnecessary economic hardship, including unemployment because of excessive austerity.

Surely, it’s now time for the European Commission and Angela Merkel’s government to come clean and admit they were were wrong on austerity?

Thoughts?

Opinion – Economic growth: A rickety rebound | The Economist – John Gelmini

Economic Growth and the Production Possibility...

Economic Growth and the Production Possibility Curve (Photo credit: Wikipedia)

Dr Alf has hit the nail on the head with this Economist article.

Once again, the world is too reliant on America doing the heavy lifting necessary for economic recovery.

Europe and the UK need to start looking beyond their shores for new export markets and the UK has to start making and selling things that people want whilst its corporate fat-cats need to start earning their keep, investing and doing some real work to justify their self imposed 21% pay rise just for not doing their jobs.

John Gelmini

Follow

Get every new post delivered to your Inbox.

Join 5,546 other followers