I AM A FUCKING INTELLECTUAL

“

The immediate priority should be supporting demand—or at least not doing harm to it. The left is right on one thing: the main cause of the current high joblessness is the severity of the last recession and the weakness of the subsequent recovery. Yet the West’s economies have embarked on contractionary policies. In some cases the fault lies with monetary policy: the European Central Bank should reverse its recent rate rises. But the main culprit is a collective, premature shift to fiscal austerity by governments.

…it has taken Western governments too long to grasp the seriousness of their jobs problem. Many people will suffer because of that.

”

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The Quest For Jobs

The Economist, September 10th 2011