Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Swedish Academy of Science in Stockholm (Photo credit: Wikipedia)
Angela Merkel, the Chancellor of Germany (Photo credit: Wikipedia)
This article is Nobel Prize winning, liberal economist, at his best, writing in his blog in the New York Times. Check it out!
via The Story of Our Time – NYTimes.com.
Once again, Krugman explains that we are in a depression, with millions out of work, and that governments have a clear responsibility to reflate their economies. He argues that governments are influenced by a powerful elite only concerned with:
- Expression of prejudice
- Opportunism, and
- Class interest it always was
With the austerians totally discredited, the major question in Europe is will German Chancellor Angela Merkel let Europe reflate?
Perhaps, German voters will have had enough of the bad press that Angela Merkel’s government has caused. Unless Merkel bends, there are two obvious alternatives in Germany:
- The socialists who will reflate, and
- The right wing who will take Germany out of the Euro.
The Lost Generation of youth unemployment in Europe, or indeed the long-term unemployed do not care who wins in Germany, they just want a chance.
Surely, it’s time for a type of Marshall Plan in Europe; Southern Europe desperately needs Northern Europe money for investment in infrastructure like Cyprus offshore gas which would benefit the whole of Europe.
via The Story of Our Time – NYTimes.com.
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