The above is the title of an article on Business Insider. The evidence comes from highly reputable sources. And the claims are justified. Kust look at the graphs.
But then the reason why we have a crisis is that the wealthiest and companies got too rich whilst most got left behind so the wealthiest and companies lent the rest of us their excess wealth through debt arrangements which people could not repay.
And the trouble is the problem is getting worse, not better.
Which is why Mervyn King is right to say we have a lot more misery to come. Only systemic reform will change that.
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See Krugman blogs May 28, 2012 ‘Anglophone Potential (Wonkish)’ and May 13, 2012 ‘Eating the Seed Corn’.
Oh, and on the previous issue of morality in politics, I forgot this quote from DeLong’s blog May 2011:
“Nick Clegg Sold His Birthright for a Mess of Pottage…and then did not get any pottage. Alternative vote goes down to defeat in Britain. Not only did he sell his birthright, he sold his honor, his party’s policy preferences, his self-respect, and any claims he may have had to be addressed as a sophont as well. Now he needs to resign, apologize, give all he has to the poor, and take up a life of anonymous service to others.”
It just needs a re-airing from time to time.
I disagree, Nicholas will do very well out of his part in the Conservative government.
Especially for someone who does not seem to know much more than how to hold his leader’s jacket.
In common with a previous prime minister, he might be in a party, but he does not seem to be of it, so questions of honour, birthright etc are a little irrelevant when there is money to be made.
A spell in government seems to do wonders for the bank balance.