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Ironically the Conservative analysis is only correct because of conservative policies.

As we have noted before, neoliberal fantasy-world economic notions such as the loanable funds fallacy, or the 'facts' that governments both fund themselves in the open market and crowd out private investment are actually institutionally true in the EU, which has legislated itself into a neoliberal fantasy world.

The fact that neoliberal fantasy world economics is untenable and ends up crashing and burning will crash and burn the EU, but in the meantime all political and economic agents in the EU are constrained to operate within neoliberal fantasy world economics.

And you know what's best? Narratively speaking, when it all dies it will be Keynes' fault.

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 Feb 13th, 2012 at 07:00:09 PM EST
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