Biggest threat to growth is public policy

Property Investment News - The biggest threat to growth is public policy telegraph.co.uk - 11 Jan 2011 - by Jeremy Warner

One of the positives to emerge from the banking crisis was the way in which it galvanised countries across the globe into a common  public policy response. It seemed to work. A depression was averted. Output for the world economy as a whole is back above pre-crisis levels and growth is again strong.

Yet many of the lessons of the recession are already forgotten. The happy news to property investors that the crisis was lifting, yet there is a sense in which nothing has been resolved. A broad retreat into national solutions is everywhere to be seen. While in the UK and US we work ourselves into a state of rage over banking pay and other such diversions, many of the root causes of the crisis are left unaddressed. Western economies are drifting back into a state of profound public policy confusion in which the dangers of both self and collective harm are high.

On issues as diverse as what to do about resurgent inflation, bonuses, deficit reduction, destabilising capital flows and trade imbalances, policy makers seem all at sea. Populism and delusion have come to dictate the debate in a manner which is almost bound to be destructive.

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