Michael Hudson and Jeffrey Sommers explain here why Latvia is clearly no model for the world to follow, but we are doing so because the neo-classical economists have been allowed to remain in control of the levers.

Changing from taxing labour and capital to a charge on resource rents is now the only way out of this depression, but no politician, anywhere, has the guts to say so.

That would be a very serious change of the status quo, you see?

But don’t we need a serious change –  instead of continually kicking the can down the road to calamity?

Further from Hudson at Truth-Out.