There is only one way out of the global recession, and government must lead the way.
As the economic slump that began in 2007
continues, the question persists: Why? Unless we have a better
understanding of the causes of the crisis, we can’t implement an
effective recovery strategy. So far, we have neither.
We were told that this was a financial crisis, so governments on both
sides of the Atlantic focused on the banks. Stimulus programs were sold
as being a temporary palliative, needed to bridge the gap until the
financial sector recovered and private lending resumed. But, while bank
profitability and bonuses have returned, lending has not recovered,
despite record-low long- and short-term interest rates.
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