Joe Stiglitz:

When the recession began there were many wise words about having learnt the lessons of both the Great Depression and Japan’s long malaise. Now we know we didn’t learn a thing. Our stimulus was too weak, too short and not well designed. The banks weren’t forced to return to lending. Our leaders tried papering over the economy’s weaknesses – perhaps out of fear that if we were honest about them, already fragile confidence would erode. But that was a gamble we have now lost. Now the scale of the problem is apparent, a new confidence has emerged: confidence that matters will get worse, whatever action we take. A long malaise now seems like the optimistic scenario.

One thought on “Malaise

  1. Capitalism is dead. It died in 1929. Since that time the capitalists have been trying to revive Capitalisms lifeless body a la Dr. Frankenstein. The time has come to bury the putrefying corpse of Capitalism once and for all so that the ‘new economics’ can begin to grow and flourish.

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