[lbo-talk] Neoliberalism RIP

[dredmond at efn.org]

The TED spread, one of the best measures of credit stress around, is now
back above 2, signaling severe awfulness ahead:

http://www.bloomberg.com/apps/cbuilder?ticker1=.TEDSP%3AIND

The minor improvement since October was due to the approximately 3
trillion EUR deployed by government bailouts to unfreeze credit markets.
But it clearly isn't enough. At this point, we need massive government
spending to boost consumption, or the economy will melt down to the point
that the world banking system will have to be nationalized. Either way,
the age of neoliberalism is over.

-- DRR