(1) a great deal of the deficits in many nations are just automatic stabilizers: the result of the collapse in tax revenues and rise in unemployment; in this sense, the rise in public debt is just a symptom of the private sector malaise.
(2) the Eurozone is a badly designed neoclassical disaster. We should not be surprised if it breaks up.
Tuesday, November 22, 2011
Steve Keen on Fiscal Stimulus
A rather brief little comment here from Steve Keen, but still worth emphasising: