Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Veblen, writing in 1904 and motivated by the Long Depression that had recently ended, did argue that "depression" is in fact a psychological phenomenon of the business class.

Lots of people (myself included) feel that they could be improvement if only the people in positions of influence decided to do the right thing. The hopelessness comes from the political nature of the problem - we need to put on hold "what needs to be done" and concentrate first on winning power for who knows what on the vague hope that they will do what needs to be done, 10 years too late.

Just look at the Jürgen Stark interview elsewhere on this thread.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 07:13:01 AM EST
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