Sleepwalking Into Another Global Economic Catastrophe

Sunday, April 13, 2014
By Paul Martin

PHILLIP INMAN, The Guardian
BusinessInsider.com
Apr. 12, 2014

The complacency is palpable. Despite some dire warnings about risky trading and the threat posed by overly indebted banks, the mood last week at the International Monetary Fund’s spring conference was one of calm.

We have turned a corner since the financial crisis, the Washington-based organisation says. Normality is returning. And this will mean establishing normal interest rates (up from 0.5% in the UK to 2%-3%, according to Mark Carney), restoring normal inflation and generating steady growth in the west of 2%-3%.

Officials expect the US to lead the way. As consumer-in-chief, it will propel the world economy and global growth much as it has in the last 60 years. The dynamism of the US economy and its huge capacity to buy stuff will make life better for everyone, goes the rather tired argument.

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