The Economy

People were talking about this being like the 1970s but again that was being blase - that was due to inevitable inflationary pressures of Keynesian demand policies and an over-inflated public sector (which up to a point had been necessary in the post-war reconstruction period) It's not that complicated -the conditions that precipitated the Great Depression have been in place for several years now. It is just that governments have been too weak/neutered/blase to do anything about it Banks over-lending on the back of a property bubble, lack of compartmentalisation in the financial markets...and off it goes This is a crisis of liberal rather than interventionist policies and will need the return of the latter to repair it, just as it needed Roosevelt in the 1930s. And yes it will need tax-payers money (and that is a misnomer anyway) Noting the rise of the Far Right in Austria, I pray it doesnt need any more war to resolve it fully