The conservative experiment with tight money has failed. Popular monetary prescriptions—low interest rates and a more accountable Federal Reserve—are steps in the right direction. But they must go hand in hand with structural reforms to get the economy back on track.
National Urban League President Marc Morial recently met with the Federal Reserve's Board of Governors to make the case that more diversity in the U.S. banking system would have mitigated the devastation the recession inflicted on communities of color.
Unless it can restore the principles of growth and sovereignty on which it was founded, the Eurozone may not last.
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About the Author
James K. Galbraith is the Lloyd M. Bentsen Jr. Chair in government-business relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, a senior scholar of the Levy Economics Institute, and chair of the Board of Economists for Peace and Security. His most recent book is The End of Normal: The Great Crisis and the Future of Growth.