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January 27, 2015

Why Stupid Politics Is the Cause of Our Economic Problems

The near-global stagnation witnessed in 2014 is man-made. It is the result of politics and policies in several major economies -- politics and policies that choked off demand. In the absence of demand, investment and jobs will fail to materialize. It is that simple. Demand is what the world needs most. The private sector -- even with the generous support of monetary authorities -- will not supply it. But fiscal policy can. We have an ample choice of public investments that would yield high returns -- far higher than the real cost of capital -- and that would strengthen the balance sheets of the countries undertaking them. The big problem facing the world in 2015 is not economic. We know how to escape our current malaise. The problem is our stupid politics.

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