As western Governments bend to poll pressure, cutting back on spending programs to satisfy the demands coming from right wing think tanks, the market has lost
confidence The strong demand for these safe-haven assets amid a selloff in stocks and other risky investments suggests that market participants are increasingly nervous about the pace of the global economic recovery … Investors are getting pummeled by myriad factors: fears about a potential economic drag from the spending cuts, the risk of a downgrade on the U.S.’s credit rating, signs of contagion in the euro zone spreading to larger economies and disappointing global data over the past several sessions.
Bill Mitchell is finding
little joy in the collapse of MMT
The evidence mounts – day by day – that the mainstream economic position is deeply flawed and incapable of resolving the economic disaster that its application caused.
People generally, however, seem incapable of understanding that. The Tea Party in the US is destroying the lives of the very people that support it and give it air. It is an amazing conflict.
Not without irony, Paul Krugman notes
...things are falling apart all over. Maybe someone should do something?
