[LINK] "In a global economy adrift, leaders don't know where to take us next"

[rfmcdonald]

In an opinion piece, the CBC's Don Pittis notes the lack of a consensus as to how to fix the world economy. The idea of a guaranteed minimum income, some handout of money from governments to citizens that would lead to increased spending, is raised by Pittis as being far from the most speculative solution to stagnation.

Many commenters — especially those who sounded as if they had money and assets — rejected a return to inflation, even though so many economists say it's the only way of heading off one of those "cleansing depressions." In fact, a surprising number backed the depression option; though were it to come to that, I suspect they may find they don't like it so much.

Most of all, as with so much other economic commentary, there was no single obvious solution.

There was definitely no consensus on a strategy that governments could use to fix the economy while keeping voters and other powerful interests happy.

And here is the problem. For leaders who make policy, it is almost impossible to try radical and unproven medicine that might work, for the simple reason that it might instead precipitate a crisis for which they would be blamed.

So long as the global economy seems to be muddling on, governments and central bankers prefer to kick the can down the road just a little further, and keep praying for a miraculous, spontaneous cure."