James Galbraith – No return to normal (Steve Keen)

Here is an interesting bit from the essay:

“The New Deal rebuilt America physically, providing a foundation (the TVA’s power plants, for example) from which the mobilization of World War II could be launched. But it also saved the country politically and morally, providing jobs, hope, and confidence that in the end democracy was worth preserving. There were many, in the 1930s, who did not think so.”

http://www.debtdeflation.com/blogs/2009/03/21/james-galbraith-no-return-to-normal/

Tags: bank reserves, boondoggle, consumer expenditure, credit, crisis, debt, deleveraging, fiat money, fractional reserve banking, implosion, inflation, joblessness, leverage, money multiplier, poverty, revolution, unemployment, war