Opinion: (Paul Krugman, professor of Economics, the Nobel Prize Laureate in Economics): “Has market turmoil left you feeling afraid? Well, it should. Clearly, the economic crisis that began in 2008 is by no means over.
“But there’s another emotion you should feel: anger. For what we’re seeing now is what happens when influential people exploit a crisis rather than try to solve it.
“For the fact is that right now the economy desperately needs a short-run fix. …When millions of willing and able workers are unemployed, and economic potential is going to waste to the tune of almost $1 trillion a year, you want policy makers who work on a fast recovery, not people who lecture you on the need for long-run fiscal sustainability.
“Unfortunately, giving lectures on long-run fiscal sustainability is a fashionable Washington pastime.…
“What would a real response to our problems involve? First of all, it would involve more, not less, government spending for the time being — with mass unemployment and incredibly low borrowing costs, we should be rebuilding our schools, our roads, our water systems and more. It would involve aggressive moves to reduce household debt via mortgage forgiveness and refinancing. And it would involve an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.”
My Comment: Of course, something must be done, but no action will succeed unless it is aimed at uniting us into an integral society. On the contrary, this will expose our desperate situation even more in order to show us more clearly and painfully where society should be heading, until we understand that this direction should be only towards the similarity with global, unified nature.