IMF economists have finally acknowledged what politicians have long denied. They have shown that austerity policies implemented by politicians and demanded by financial markets are severely damaging to what economists define as 'growth'. Ultimately, argues the IMF, these policies are self-defeating. As most thinking people now recognise, rather than repairing the broken and bankrupt economies of the world, austerity is making matters worse.

The Great Depression of the 1930s is remembered as one of the worst economic periods in modern history. But statistics show that our current slump is in someways worse.

David Cameron has told the Daily Telegraph that he "can’t see any time soon when... the pressure [for austerity] will be off". The cuts, suggested t...

Austerity -- slashing public investment at a time when private investment is inhibited by a vast overhang of private debt and by a heavily indebted and broken banking system -- is indeed a disastrous economic strategy, for Britain, the Eurozone and the US.