Austerity has failed. It turned a nascent recovery into stagnation. That imposes huge and unnecessary costs, not just in the short run, but also in the long term: the costs of investments unmade, of businesses not started, of skills atrophied, and of hopes destroyed.Martin Wolf takes austerity and the austerians apart.
What is being done here in the UK and also in much of the eurozone is worse than a crime, it is a blunder.In today's environment, it's more insulting to call someone stupid than a criminal.
New York Review of Books
How Austerity Has Failed
Martin Wolf
(h/t Bill McBride at Calculated Risk)
1 comment:
Good for Martin Wolf. I also like this article of his is yesterday’s FT in which he takes the p*ss out of the attempts to date to re-regulate banks.
http://www.ft.com/cms/s/0/28d640fc-d8d4-11e2-84fa-00144feab7de.html
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