The teenagers are once again in charge of UK fiscal policy. The teenagers are not the Chancellor and his team, but those who set the tone of the fiscal debate in the media and the financial markets.
The reasons the Conservatives are now embracing austerity is the fear that higher interest rates will kill house prices. This is mad
The teenage scribbler is usually a young, pro-austerity banker, with no formal education in economics or economic history. The scribbler pretends that whatever happens is happening for the first time. The scribbler was still on the playground when the previous generation of scribblers talked their governments into austerity. That was not so long ago. The reasons why Italian voters have turned against centrist political parties for two elections in a row is precisely because the Italian establishment was in 2012 where the UK establishment is now – holding the belief that you need to start austerity the moment your country gets plunged into a recession.
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