A World In Financial Crisis:
It’s an emergency. Long-term cures must wait.
“The slow-moving cancer that the world economy was suffering until August was caused by excessive borrowing, property speculation and reckless and dishonest banking practices. A still-deeper cause of this credit cancer was the global imbalance between exuberant consumption and house-price speculation in America, Britain, Spain, Scandinavia and Eastern Europe, on one hand, and excessive saving and austerity, on the other, in China, Germany and Japan.”
The world economy is suffering from two quite separate problems. Unfortunately they need contradictory solutions says Anatole Kaletsky
