... growth has ranged from the weak in Europe to the unspectacular in the United States. Banks are not lending. Unemployment is running at near double-digit levels in the US and the eurozone. The determination to cut budget deficits in these circumstances does not show that policymakers of probity and integrity have replaced the irresponsible spendthrifts of 2008 and 2009. It shows that the lunatics are back in charge of the asylum.Economic masochism is back in fashion. But just because it hurts does not mean that it's doing us any good.
14 June 2010
Quote of the day
Larry Elliott in The Guardian (here):