Confirmation of The Confiscation of American Prosperity
Submitted by unsettling economics
I cannot help but feel some satisfaction in watching recent event confirm the diagnosis found in my Confiscation of American Prosperity: From Right Wing
Extremism and Economic Ideology to the Next Great Depression (Palgrave). The toxic combination of speculative excesses, financial deregulation, and unequal incomes, which make demand dependent on credit.
All the while, Panglossian economics insisted that this was the best of all possible worlds, except for some residues of the New Deal.
The book begins with the historical perspective that the earlier massive waves of inequality and free market dogmatism all led to disaster. This one may not become a renewal of the Great Depression. The Fed may succeed in reflating the bubble, but sooner or later the purge will occur.
Visit 1800blogger to see all of our industry leading blogs.
Are you an investor? Have something you want to say about the economy? Register on Econoimist Blog now and get published within minutes. Before posting, it is recommended that you review our posting guidelines.
