Article; Austrian School of Economic Thought Gaining Influence as Nations Tackle Debt Comment; Use
of quantitative easing was not fully supported by many economists
including Paul Krugman. His stand was that the economy is in liquidity
tarp and the US economy needs fiscal policy. Markets are unable to lift
an economy in liquidity trap, only govt. can boost economic activity
through public expenditure. We needed to affect demand by higher wages.
As far as gold standard is concerned even gold does not have an
intrinsic value. It is only used to produce jewelleries nothing else.
Moreover deregulation of banks in the US, mainly the shadow banks, were
responsible for the sub-prime crisis...
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