Daily Archives: October 25, 2014

By William K. Black

As my regular readers know, the NYT coverage of the EU financial crisis has been shameful, economically illiterate, and harmful. In the last two weeks, however, that coverage has finally begun to mention the concept of inadequate demand, the fact that governmental spending can provide demand, and that austerity is not the only available choice. In the last 10 days the coverage even began to quote economists who made the point that austerity is the problem rather than the solution. This modest improvement has taken six years, two gratuitous Great Recessions, and Great Depressions for about one-third the eurozone’s population.

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