Wednesday, May 5, 2010

Galbraith on the European Crisis

James K. Galbraith, economic professor at the University of Texas at Austin:

The above gives you a sound understanding of the crisis in just five minutes. What I find amazing is how the politicians can allow this crisis fester until it becomes a disaster. Maybe I shouldn't be shocked. Think of how the problem of fascist Europe was allowed to fester until it became the disaster known as World War II.

One interesting bit of the video clip is his comparison of the problem in Europe to the economic imbalance in the US following the Civil War that took until the 1930s under FDR to fix it. (And the really funny bit is that FDR created the economic thrust to lift the South up to the national standard, but the one region of the US that hates FDR the most is the South. These fools never did -- and mostly still don't -- realize how FDR saved the nation and in particular gave the US Deep South a real lift to its economy!)

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