A great video by David Cay Johnston, a Purlitzer Prize winning journalist with Reuters in the USA:
http://www.youtube.com/watch?feature=player_embedded&v=T9KzJCPKXow
There's more on this by David here. As he concludes:
After reading the news from Davos, ask yourself why we should listen to the Siren song of the financial elite. After all, the people who steered our financial ship into dangerous waters in the first place were at the very top of this group. We should listen more to those will suffer from austerity budgets: children who only get one chance at an education, the sick and disabled unable to support themselves and seniors too old to work.
If, like Odysseus, we wish to row past our current economic straits into a new sea of prosperity, the one thing we must not do is be driven to economic madness by the Siren call of austerity budgets.
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Simon Jenkins wrote an interesting piece in the Guardian on this subject…
http://www.guardian.co.uk/commentisfree/2012/jan/26/economy-uk-high-street
He is advocating a direct fiscal stimulus to the public as perhaps the only way to quickly revive demand, the collapse of which is making a bad economic outlook even worse.
If the general public were better informed about economic issues, the austerity rhetoric-promulgated predominately by those with a vested interested in having private enterprise replace the entirety of the state-would be dismissed as the dangerous nonsense it is.