If there is nothing to create recovery, we are in for long-term stagnation, which, given continued concentration of wealth, means most people continue to lose ground. Thus further eroding any chance for a recovery. And creating further decline. And making protectionism more likely. Etc., etc., etc.
Eats Green Shoots and Leaves
on my blog last night,and it should appear on the Labour List blog later today, I think, in between the resignations..... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
To be serious, I think we will see the economic history of the 19th century backwards. A series bubbles and crises, each ending on a lower level of total economic ouput. A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
