Joe Stiglitz had this to say this in the FT this morning:
He's right.
I am not sure that there is a lot to add.
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Joe Stiglitz is also highly critical of MMT and the EU blaming it for poverty in Southern Europe.
No one is right on everything
Succint and to the point. Note also that Stiglitz is a Georgist, and has made important contributions to information asymmetry and to monopoly; that are scarcely comforting insights for (banal) neoliberalism.
Except that Starmer’s ” The Road Ahead” promises to “restore the public finances” along with a load of other Blairite claptrap. The progressive policies , which he supported in the leadership election, have been ditched and those who support them derided as “wallowing in nostalgia.”
You have been proved right, Richard. The Labour Party is dead in the water.
It really is dire
Obviously bleeding the patient is still popular with a certain mindset – particularly when it’s not your own blood.
All austerity is, is Government aid in helping markets to acquire assets at knockdown prices, changes of ownership, shake things up a bit until the next time those who benefit get bored or want to buy another house or yacht.
The last thing we also need are interest rate rises – a big topic once again on Radio 4 early this morning.
That’s right – even though we are struggling to get the economy going, the answer is to burden it with more debt!! I kid you not!
It’s a joke, predicated on that those charged with making that decision will ‘feel’ that they have to do something. Really? Is that ‘rational’?
Agreed