Para aquellos que leíamos al tío Joe hace más de 15 años, cuando sólo era una estrella del firmamento académico estas declaraciones no son novedad. Para otros pueden ser una sorpresa. Disfrutenlas
“Where’s all the money going?”
It’s a good question. The resources that existed before the crisis – the assets, people, machines and land – are all still here. There are two sides to the problem. Firstly, we got ourselves in trouble with excessive debt. Secondly, the people who own the assets don’t want to invest them because it’s not clear what kind of returns they’re going to get. So, on one hand, people aren’t spending because they’re in debt and, on the other, people aren’t investing because they don’t know how much they’re going to earn.
The banking system destroys value. As a result, there’s been a huge increase in inequality. For example, in the US a quarter of the income goes to 1% of the population. They can’t spend it as fast as they make it so this money isn’t being injected back into the economy. The people who have money are putting it aside because of uncertainty so it’s not getting recycled in productive investments