Taming Finance in an Age of Austerity
Finance is supposed to serve the interests of the rest of society, not the other way around. Having gotten the world into its current economic mess, financial markets are now dictating fiscal austerity to countries that have no choice but to go along - and then betting against these countries when they do.
NEW YORK – It was not long ago that we could say, “We are all Keynesians now.” The financial sector and its free-market ideology had brought the world to the brink of ruin. Markets clearly were not self-correcting. Deregulation had proven to be a dismal failure.