By Gerry Downing 20 August 2014

John Plender projects a new space for Market Forces via a new Il Duce

The Financial Times has a back page column by John Plender on 20 August 2014 of exceptional importance. This pundit begins by explaining that both US and EU bond yields have declined, so reducing government repayment debts. So far so good but it is because we are entering a deflationary epoch, too much like Japan of the last two decades to be welcomed. And he goes on to explain that Europe’s problems are “intractable”.

The core problem, he assures us, is “deficient demand”, an entity also know to Marxists as “under consumption”. Germany has been tightening fiscal policy, and as southern Europe cannot devalue their currency they must resort to “internal devaluation”; wage cutting and sackings so, “the future of a generation is now…