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    • Disney Explains That The Reason Poor Working People Are Poor Is Executives
      One of the most extraordinary threads I’ve read recently is Abigail Disney doing the math on how Disney corporation could raise the income of its bottom tier workers. I’m sure the math is complicated. And no one is complaining about pay at the middle and upper levels of the company. So let’s say you just […]
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So Europe is in a depression. Will America follow?

I’ve seen this depressing news in the last couple of days.  Relentless austerity in Europe has brought on an economic depression.  Krugman has more:

Simon Wren-Lewis thinks that the European embrace of austerity was a historical contingency; basically, the Greek crisis strengthened the hand of the austerians at a critical moment. I don’t think it’s that easy to explain; my sense was that there was powerful anti-Keynesian sentiment in Europe even before the Greek crisis, that macroeconomics as Anglo-Saxon economists understand it never had a real constituency in Europe’s corridors of power.

I think of it more as a war zone.

Based on what I learned yesterday on the changing nature of employment, ageism and the effect of Obamacare on spending, I can’t help but see another economic downturn in this country as well.  People have to have money to spend to make the economy grow.  The warriors may soon have a pyrrhic victory on their hands because deflation tends to spread without economic interventions.

So does unrest, violence and instability.  Like in Ferguson.

So not good.

 

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