GIVE US THE MONEY!
The amount of money thrown at rescuing the world economy since the Great Recession began is truly staggering, probably more than $14 trillion, and the financial spigots are still open.
Industrialized and emerging nations pledged another $430 billion to boost the International Monetary Fund's lending power this weekend, doubling the size of its crisis-fighting war chest in case Europe's problems worsen and engulf more countries.
Three weeks earlier, European Union leaders set aside $1 trillion for Europe's bailout fund creating a firewall to prevent the euro zone's sovereign debt woes from spreading.
Major central banks haven't finished pumping money into the global economy either.
"The" global economy? Whose global economy?
The 99% hasn't seen a dime of that $14 trillion. Seriously, if the Fed had just put a few trillion on pallets in cargo planes, and then airdropped it all over the country, can anyone really deny that "the global economy" -- by which I mean our economy -- would be a lot better off?
Why, I'd get a new boiler, fix the roof, and maybe even fix my teeth! Think what a boost that would be for the boiler guy, the roofer guy, and the dentist! Who would, in turn... Well, it would multiply. A virtuous cycle building aggregate demand.
NOTE Atrios has been hammering this point for a long time. He's right.
UPDATE Further down, we see the loathesome healing trope in action:
In the United States, the epicenter of the credit crisis, $8.3 trillion in household wealth evaporated as housing prices collapsed [note lack of agency and failure to mention accounting control fraud by the banks]. While U.S. households are making progress, buoying hopes for a healthy consumer spending rebound this year, David Resler, chief economist at Nomura Securities International, is less optimistic.
He has studied U.S. consumer debt piles and concluded a long and arduous climb still lies ahead. "The lessons of history suggest that the remaining process of healing will likely be measured in years rather than quarters or months."
[The "healing" trope] implies the government, the Fed, and the 1% who own both are benevolent and humane, and that they're not about inflicting pain, when in fact "austerity" and "shared sacrifice" are all about inflicting pain, even if these guys weren't all sociopaths who treat "human resources" like cattle about to be slaughtered.
For another, it's a massive category confusion: The market is in no sense a living thing. Hence, it cannot be "healed."
The healing trope also implies that mainstream economists are like qualified physicians, instead of being, at best, quacks and charlatans, and at worst, gentlemen and ladies of negotiable intellectual proclivity.