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26. Mai 2020

Public Debt and Wages – Are Sanity and Reason Catching On

Neo-classical economics is falling apart before our very eyes. While academics of the school try to prop it up and Germany alone clings to it, in the real world things are moving on. One has to imagine that an editor of the conservative German newspaper Frankfurter Allgemeine (FAZ), in an article concerning zero interest rates, first explains to his astonished readers that companies in Germany and elsewhere – in contrast to the “traditional textbook model” – have become savers. This leads this editor, Gerald Braunberger, to the conclusion that for “fundamental” reasons interest rates must be low. Finally, he blames German „euro-critical economists” and “bank economists” for the fact that there has been a one-sided assignment of blame to the ECB, which obviously contradicts all reason.

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