The Phoney Economic Crisis

Abstract

According to the conventional economic wisdom, the credit crunch of 2007 was “the worst economic crisis since the 1930s”. Wicked capitalists and greedy financiers wrecked the economy with their reckless and irresponsible lending. In the nick of time, enlightened economic policy came to the rescue and saved the world economy. Billions of taxpayers’ money had to be spent on vital emergency measures to bail-out the financial system; but it was all the fault of the bankers.