Michael Taft: With years of austerity ahead, resulting in weak growth and high unemployment, freezing interest rates and another round of quantitative easing in the US will do little to solve the crisis, writes Joseph Stiglitz.
We need more investment, more bank lending to SMEs and a determination to use all the fiscal tools at our disposal to create jobs. Without this, all we will have to look forward to is a long malaise.
Michael Taft is an economic analyst and trade unionist. He is author of the Notes of the Front blog and a member of the TASC Economists’ Network.