Only Businesses Can Turn Around Our Economy

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An analyst says the European Union's economic and monetary system is entirely based on debt and it does not create jobs or promote growth, Press TV reports.

"Almost all money in the current environment is created as debt and not only is it created as debt but all debt seems to make its way into speculation, into banking bailouts, into increasing property prices, into consumer debt but it's not making its way into businesses which can take that debt and actually create jobs and create actual real growth from it and what the economy needs is not debt, it is growth, it is actual jobs," Simon Dixon said in an interview with Press TV on Thursday.

He further argued that, the economic crisis could take ten years to run its course as there are several root causes of the issues which have not been addressed.

"What we need to do is address the major issues which the government's just simply looking at right now and they are trying to solve it with austerity measures; they are trying to increase debt and those are two solutions which are not going to help right now," Dixon added.

The analyst noted that more jobs and businesses need to be created in order to make it possible to achieve economic growth.

"We need to crave more jobs for people or more businesses to employ those people and until we start addressing that we need to get money...," he explained.

"We need real growth. We need real job and as the World Bank correctly points out it does not look like we are going to be able to achieve any of those targets. In fact we will not be able to achieve any of those targets with the existing policies that we are implementing right now," Dixon concluded.

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