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.
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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