Economics and Philosophy

This interesting article is about recent world crisis.

I am absolutely agreed with the author.
He is enlightened and acquaints people with the facts of US “credit cancer”.
He is also giving his own opinions.
The most interesting one for me is his answer to this question:’ should we disqualify all those who failed to foresee the gravity of this crisis’?
While reading this question I thought his answer will be ‘YES’, but I was a bit surprised when it turned completely opposite!
It is written that the economic performance is inherently unpredictable.
Maybe it is true, but however I think it was possible to prevent the crisis.
He is speaking about crisis as a cancer that the world economy was suffering until August was caused by excessive borrowing, property speculation and reckless and dishonest banking practices.
Also a still-deeper cause of this credit cancer was the global imbalance between exuberant consumption and house-price speculation in America, Britain, Spain, Scandinavia and Eastern Europe, on one hand, and excessive saving and austerity, on the other, in China, Germany and Japan.

And finally I liked his expression: “There is no point offering chemotherapy to a patient whose heart has stopped”. Does the patient is current world economy? Probably yes, and it is now in the great recession.