I'm not an economist, just an MD, with common sense, and what I see from most economists are continued efforts to preserve the status quo and a dysfunctional system. When Oil spiked, I knew we were going to have the worst recession I had even seen. People had had mortages, home equity loans, and credit card debt. a high proportion of income wennt to debt service, with little or no savings in the bank. A few job losses ment this debt couldn't be serviced, and it would spiral down. add the cost of gas to the equation. Boom. I wrote martin wolf multiple times and stated the solutions they are devising for the crisis will cause sovreign debt crisis. I said the recovery won'[t be good because3 it doesn't even address the causes, or provide the real solution. E#very solution has been about making sure the top 1% suffers the least bankers, bond holders, and making sure they could dump their private loss on the general public. Mr. skildelsky continues the false thinking of mr worlf and mr krugman who want to print to preserve the currrent system, keep asset prices inflated, and make sure the true value of these worthless debts are never realized. that defaults on loans that never should have been given don't happen. The public should never been burdened wih banking debt, which was done by the banking technocratic elite, hence the public should default on the debt imposed upon them by the 1% elites. the ecb should back all deposits in the banks, not bond buying programs, and with the saving saved and invested we can rebuild a deleveraged stable system. Nowhere is there talk about lowering the debt burden in this article. Because that helps the 95%, It's a shame that the best policies have never even been considered because the bankers and the 1% have the right to veto any policy that does not benefit themselves. stiglitz would call it rent seeking. Wof, krugman and this author don't step outside of the box and propose the best most effective solutions, they provide an alternative solution that benefits the most wealthy. is it any wonder why we aren't getting the recovery we should. well that is what happens when the best solutionsw are held hostage to the technocratic elite. the euopean nations would be better off defaulting, having their own currency, or the ecb save the euro by backing the depositors, nto the sovreigns. the wealthy woned the most bank debt, now they own the most sovreign debt. all the solutions are about making sure the wealthy avoid having to live with their economic mistakes