I think Eric and Jerome are doing a disservice to employment policies by claiming that the recession is caused by fundamental finite-planet problems rather than harebrained monetary austerianism.

As I have said repeatedly, if we allowed ourself monetary inflation we could mobilize the resources (and employ the people) to implement a green new deal and transition our economy to lower resource use while preserving employment.

Instead, we get people arguing that austerity because finite planet and with no money to mobilize the resources (and the currently idle labour) to address the finite planet problem.

So austerity means that business as usual wins. So you shoot yourself in the foor by saying that austerity is the proper answer to a finite planet crisis.

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