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GRRRRRRRR

This makes me so angry.
More Austrian economics rubbish.

The parallel with the 1930s is dangerous, because it has convinced bankers and policy makers that if you can just pump up demand, everything will be OK. It won't.

More learned helplessness.

The first correct lesson is:

If you don't pump up demand, you will have a LONG depression.

The second lesson of the 30s is: if you work hard on the politics, you can reform the banking system and start to put things right. There is no inevitability.

Finally, the technological change parallel is once again being snuck in. But the destabilising factor this time is mostly the injection of new labour forces - and we likewise know how to address this. It's a long road to forcing politicians to taking labour issues seriously, but it's not some "natural force" that cannot be addressed.

by Metatone (metatone [a|t] gmail (dot) com) on Mon Dec 19th, 2011 at 06:24:20 AM EST
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