by: Robert Skidelsky, Project Syndicate
London - Politicians are masters at “passing the buck.” Everything good
that happens reflects their exceptional talents and efforts; everything
bad is caused by someone or something else.
The economy is a classic field for this strategy. Three years after the
global economy’s near-collapse, the feeble recovery has already petered
out in most developed countries, whose economic inertia will drag down
the rest. Pundits decry a “double-dip” recession, but in some countries
the first dip never ended: Greek GDP has been dipping for three years.
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