The current predicament of the world economy is all the more poignant because it is unnecessary. This is a political and ideological crisis, not a technocratic one. Authorities could have done, and could still do, a lot to prevent their economies sliding back into recession and financial chaos. That they are not doing so is not just because of a lack of political will. It is also because significant numbers of voters and politicians have learnt precisely the wrong lessons from previous episodes and are determined to make similar mistakes all over again.
---Alan Beattie, International Economy Editor of the Financial Times. via DeLong