So wise policy, as defined by the G20 and like-minded others, consists of destroying economic recovery in order to satisfy hypothetical irrational demands from the markets — demands that economies suffer pointless pain to show their determination, demands that markets aren’t actually making, but which serious people, in their wisdom, believe that the markets will make one of these days.
From the always wise and mostly right Paul Krugman.
Everyone thinks the right approach to solve a demand crisis is to emulate Herbert Hoover.
Wow. We are SO screwed.