Saturday, 25 February 2012
I have 2 former students working (or in one case being thrown out of work) and one art historian friend in Greece. The situation is dire, and we should not feel superior for not being part of it - at this stage. It seems bizarre the the old monetarist programme of austerity should be automatically applied to an economy that has no capacity to cope with it. A starving patient is being put on a diet to loose weight. This is a symptom of the bankruptcy of thinking in the worlds of government and finance. Where are the creative alternative analyses that do not predicate growth on a sinking raft of debt?