Private mess shouldn't be public problem

We got into this mess because politicians created a private debt bubble, and the experts advising them now are hopelessly misguided, writes Steve Keen.

13th November, 2011
Members of Occupy Wall Street stage a protest near Wall Street in New York last month. Photo: Getty

If you had pneumonia and your doctor misdiagnosed it as influenza, your health would continue to deteriorate despite the treatment - and possibly because of it.

That is the situation in Europe and the US today, where politicians - and the economists whose advice they follow - are seeing a sovereign debt crisis, when the real cause of the economic malaise is private debt.

Public debt in the West has indeed risen, but that has...

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