Time to reconsider our economical system?

Having read the opinion of Mr. Draghi on the 25^th of march in The Financial Times concerning how to battle the current economical crisis, I think there are issues with his traditional Keynesian way to deal with this situation.

To start with, Mr. Draghi suggests that the governments should invest money in the economy. I must admit this seems worthwhile, but the big problem to me is that this is an addictive solution. When would the pumping of money into the economy stop? As we have seen in the past, once they introduce a trick like this, they always go back to this solution whenever there is a minor problem…

Secondly, as I already mentioned, there is already a lot of public debt. When are we planning to erase this? We would have had much more power to fight this crisis if we weren’t this much in the red to begin with…In my opinion, The European Union should have been stricter concerning the national budgets in prosperous times. Of course, it’s too late for that now.

Lastly, I really think we are at breaking point now. The Western world could handle this again the same way Mr. Draghi has suggested, and I’m sure it would work again. But if we want to keep our current lifestyle, we should erase our debts in the upcoming years after the crisis or I fear there will be big economic disruption.

So, in conclusion, I think it may be time to consider another economical system, or at least some adaptations.

Here’s a link to the opinion I’m referring to: https://www.ft.com/content/c6d2de3a-6ec5-11ea-89df-41bea055720b