World cannot survive another austerity decade

“No one believes where the bottom is anymore. No one believes the original assumptions anymore …”These words were uttered by an embittered investor in the aftermath of the 1929 market crash. Similar words have been spoken at every moment when markets have tumbled.As we have become ever more sensitive to asset price movements, so their need to be protected has risen in every market cycle.Gruelling market conditions have led to calls forever greater stimulus, even as international monetary agencies have always responded by arguing for austerity.This is rather akin to trying to replicate a fire i…

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