Saturday, May 05, 2012

Plutocracy, Paralysis, and the Great Depression


“Specifically, money buys power, and the increasing wealth of a tiny minority has effectively bought the allegiance of one of our two major political parties , in the process destroying any prospect for cooperation.
And the takeover of half our political spectrum by the 0.01 percent is, I’d argue, also responsible for the degradation of our economic discourse, which has made any sensible discussion of what we should be doing impossible.
All the evidence points, however, points to a simple lack of demand, which could be and should be cured very quickly through a combination of fiscal and monetary stimulus.
No, the real structural problem is in the political system, which has been warped and paralyzed by the power of a small, wealthy minority.  And the key to economic recovery lies in finding a way to get past that minority’s malign influence. “  Paul Krugman. May 4,2012.

http://www.nytimes.com/2012/05/04/opinion/krugman-plutocracy-paralysis-perplexity.html?_r=1
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