The Wars of Austerity
As John Maynard Keynes would have understood well, today’s turmoil over currencies and trade is a direct result of our failure to solve the employment problem. That failure is reflected in the premature withdrawal of fiscal stimulus by all of the world's major economies.
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LONDON – I have become increasingly less hopeful about prospects for a rapid recovery from the global recession. Coordinated fiscal expansion ($5 trillion) by the world’s leading governments arrested the downward slide, but failed to produce a healthy rebound. The current frustration is summed up by The Economist’s recent cover headline: “Grow, dammit, grow.”