Letters to the Editor: ‘Repeating the mistakes of 2008’

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Letters to the Editor: ‘Repeating the mistakes of 2008’


'The announced departure of Angela Merkel is another stern warning of just how fragile and inadequate economic policy within the EU, and indeed the whole world, is.' Photo: Reuters
‘The announced departure of Angela Merkel is another stern warning of just how fragile and inadequate economic policy within the EU, and indeed the whole world, is.’ Photo: Reuters

Sir – Consternation and worry generated by the announced departure of Angela Merkel is another stern warning of just how fragile and inadequate economic policy within the EU, and indeed the whole world, is. The impending danger does not arise from the departure of one person, but from an utter failure to recognise and adapt to a new economic capability which, let run wild, propels global economics into the most precarious situation ever experienced. Indeed, Mrs Merkel’s departure with her unshakable fixation with “growth” economics may provide an opportunity for common sense to prevail and economics of automated sustainability to come to the fore.

The financial crisis of 2008 has been gravely misunderstood and so-called remedial action is entirely inappropriate and inadequate to ward off much greater and more catastrophic collapse than 2008. The crash of that year was not a “recession”; it was a first serious warning of entirely changed economic conditions. It should be interpreted as necessity to develop economic ideology to cope with newly acquired “sufficiency”; rather than persistence with “growth”.

The question often asked is, “did we learn anything from the crash of 10 years ago”? Apparently not as we repeat and intensify mistakes that led to the 2008 financial catastrophe. Intensified debt keeps unwanted and unnecessary growth on life support while the greatest economic leap forward ever achieved is ignored and mismanaged. We have entered an era of abundant sufficiency; the concept of continually increasing output is absolutely absurd. Yet “growth” is the only economic game we want to know of.

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