Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
... get the recession to the bottom with the smallest feasible decline to set a higher platform for the recovery ... during a serious recession like this, sparked by a fundamental flaw in the generation of new spending capacity and recirculation of that spending capacity through the spending/income cycle, monetary policy can at best accommodate recovery ... it cannot generate recovery.

And on the one hand, burning through money to paper over insolvency of financial institutions undermines the political and public finance position to pursue sufficiently aggressive fiscal stimulus, and on the other hand, it is vital to have a banking systam that can accommodate the credit demand of credit-worth borrowers if the recession bottoms out.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sat Mar 21st, 2009 at 08:03:54 PM EST
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yup, that's increasingly clear, even to little bear brains.

the real shock comes when you think of a trillion put into highspeed rail, green grids etc, and then i put it together it's gone to be squatted on by people who are already ungodly rich, and don't give a rat's ass about the the environment, or us for that matter.

we're all just commodities, methinks, to them...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon Mar 23rd, 2009 at 09:49:22 AM EST
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