4 Calamities Destroying America's Economy Being Ignored by Elites

By Frithjof Bergmann

August 27, 2014 | The world’s current economic and political structures are proving incapable of fixing the global crisis of poverty, unemployment, and dislocation from a viable way of life for the majority of the world’s population. Why? Let us begin with one present-day example: Larry Summers, former Secretary of the Treasury and also former chair of the Board of Economic Advisors, recently was the principal guest of the national radio broadcast “On Point.” The topic of the hour-long dialogue was growing “inequality.”

Summers posited that we are in an oddly slow recovery. He gave some reasons for the slowness but maintained that the measures instigated by the government (the Federal Reserve pumping funds into the economy, and the like) were fundamentally correct, and that with patience and persistence the recovery would solve the problems we have.

This basically is the position of Obama and importantly, by no means only his. Every government in every country subscribes essentially to this same apostolic faith. That faith is pathetic and even grotesquely mistaken.