This is a powerful, MUST-READ article from Nobel Prize winning economist, Joe Stiglitz, published in the Social Europe Journal. Check it out!
via Five Years In Limbo – Joe Stiglitz – Social Europe Journal.
This article brilliantly sums up many of my own conclusions but much more effectively than I ever could.
The cost of financial deregulation, the financial collapse of 2008, and the subsequent misguided policies of excessive austerity have been truly eye-watering. Joe Stiglitz talks of a combined output loss in the US and Europe of USD 5 Trillion. Because of austerity, growth is still severely constrained, and large sections of the US and Europe have incomes way below 2008 levels. More alarmingly, US and UK growth is artificially stimulated by government guarantees or loans for domestic housing. Meanwhile, the austerian policy-makers and their shadowy sponsors are still in power in Washington, Berlin and London.
Let me turn this to an open question:
Are the austerian policy-makers and their sponsors in Washington, Berlin and London triggering a repeat of the financial collapse of 2008?