Fiscal and monetary intervention has prevented a great depression, but the new political consensus on public spending cuts could send us ‘back over the cliff’ says the man who predicted the recession.

David Blanchflower, known as Danny, was one of the very few economists to anticipate the severity of the credit crunch. As a member of the Bank of England’s monetary policy committee he consistently called for rate cuts in defiance of his peers.

Video:

Source:
‘The economics of lunacy’: Blanchflower warns against austerity ^[1]
Daniel Grote | 14:17:26 | 15 January 2010
http://www.citywire.co.uk/personal/-/video/other/content.aspx?ID=376986