Industry NewsMarkets & Economy

U.S. economy caught in ‘debt and austerity trap’

Commentary: Ethics offer free fix for financial mess

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"Marley was dead. There is no doubt whatever about that ... dead as a doornail. Scrooge knew he was dead? Of course he did. "Scrooge! A squeezing, wrenching, grasping, scraping, clutching, covetous, old sinner! Hard and sharp as flint, from which no steel had ever struck out generous fire; secret, and self-contained, and solitary as an oyster."--"A Christmas Carol" by Charles Dickens There's very little real news this week, with markets lurching to no account, and trading so thin that the landing of a snowflake avalanched 300 points of Dow. Uphill. The issue at hand: the debt and austerity trap. We must stop borrowing, but to stop we must cut spending or raise revenue, or both. If we do that, and our economy -- or the ones overseas -- slow down, then we will have less tax revenue and more need, or wishes, for spending. How to escape: Devalue currency, stimulate exports. However, not everyone can be a net-exporter. There is no future in devaluing t...