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An economic recovery based around high debt is really no recovery | Larry Elliott | Business | The Guardian
In truth, the idea that state profligacy caused the Great Recession has never been credible. What really happened was that the expansion of the global marketplace led to cheap goods flooding the west. Inflationary pressure abated and that persuaded central banks to cut interest rates. Financial deregulation meant the only remaining constraint on excessive borrowing – high interest rates – was removed – and so credit was cheap and readily available. The private sector loaded up on debt, which was fine so long as the assets on the other side of the balance sheet were going up in value. When the markets turned, things went pear-shaped very quickly.

Only at that point, did public sector debt become a problem because governments sought to ameliorate the impact of the recession by cutting taxes and increasing spending. The debts incurred by the private sector were, to an extent, nationalised.
economics  finance  debt  crisis  crash  recession  recovery  dctagged  dc:creator=ElliottLarry 
september 2018 by petej
Some praise our gig economy flexibility. I call it exploitation | Larry Elliott | Opinion | The Guardian
Language matters. There was a time when these trends would have been described as casualisation or exploitation. They would have been seen as symbolic of a one-sided labour market in which the deck was stacked in favour of employers. These days, though, it is evidence of “flexibility”, and who could object to that?
gigEconomy  zeroHours  underemployment  self-employment  casualisation  exploitation  employment  flexibility  deregulation  pay  wages  interestRates  dctagged  dc:creator=ElliottLarry 
april 2018 by petej

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