"Let us translate this proposal into ordinary language: 'If you are unwilling to starve yourself when desperately ill, nobody will believe you would adopt a sensible diet when well.' But might it not make sense to get better first?"
Friday, July 23, 2010
Martin Wolf answers austerians
Martin Wolf has the best answer to 'austerians' advocating immediate tightening of fiscal policy in response to burgeoning deficits and debts across much of developed world and fears of bond-vigilantes, so as to restore "market confidence" in the country's commitment to maintain fiscal discipline over the long-run,