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"This crisis is not the capitalist system but intervancionismo the public", as stated by the economist and director of Liberty Digital, Alberto Recarte, who has spoken today at the conference `UCAM Recarte Report 2010: out of the crisis of the Spanish economy ', framed in the activities scheduled by the Chair in Ethics, Politics and Humanities UCAM-FAES.
Recarte has analyzed the origins and causes of the crisis and has shed light on the future direction of the economy in Spain over the next years.
Alberto Recarte, explained that the current crisis in financial markets, which has been defined as a crisis of state is the responsibility of central banks respond to the application of foreign policy, economic, fiscal and commercial wrong during the last ten years.
Recarte has also highlighted the laxity of the tax system, excessive spending and protectionism, as root causes of global economic plight.
The economist said in relation to the particular situation of the Spanish economy, "the application of interest rates, set by France and Germany during the last decade, totally inadequate to our economic reality has given rise to a huge bubble housing and credit in our country, the largest in the world, ahead of the U.S., UK and Australia.
Recarte added that "this circumstance, coupled with excessive government spending and intervention groups, is a huge drag on the recovery of our economy," he asserted.
Source: UCAM
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