This is a brilliant, MUST READ article from Oxford economist, Simon Wren-Lewis, based on a lecture and published in his Mainly Macro blog. Check it out!
mainly macro: Stages of Economic Recovery in the UK.
As I read this article two words were etched on my mind:
Simply, banks were responsible was the crisis and are still responsible for the UK’s failure to recover more effectively. Secondly, the UK Government’s excessive austerity has delayed growth by three years.
So what will the political classes do about the banks and excessive austerity?
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The answer to Dr Alf,s question is that they will do nothing about the banks as the people who control them(not the Directors but those above them),are the ones calling the shots and are far more powerful than anyone in Government.
They will do nothing about austerity either except to try and get foreign investment into the country and engage in “fire sales”like the recent botched Royal Mail privatisation.
Until there are riots in the streets and people rise up en masse to protest violently little or nothing will be done to boost exports,increase inward investment or ameliorate the conditions of the vast mass of people who have effectively been written off as not worthy of help.