Wednesday, September 23, 2009

Greg Palast on US's Response to Europe

http://www.gregpalast.com/time-to-change-bernankes-medication-secret-white-house-letter-to-g-20/#more-2818

Greg Palast has copies of memos sent between Europe and the U.S. covering policy responses to the recession.

Palast's article and the memos are worth reading because they illustrate very different takes on the significance of the recession. For Europe, the recession is ongoing. For the US, it's over.

I find the US response disturbing but wonder whether China is playing a role in the US decision to cut back on its monetary stimulus. One thing is clear, the US response prioritizes Wall Street over Main Street.

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