Europe Risks Another Global Depression

From Simon Johnson at the Baseline scenario, someone who has been on top of this global crisis very early…

…. The Europeans with deep-pockets are doing nothing – except insist that all countries under pressure cut their budgets quickly and in ways that are probably politically infeasible.  This kind of precipitate fiscal austerity contributed directly to the onset of the Great Depression in the 1930s.

Read the full story here.