Fiscal conservatives will make the recession worse. Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
Which kind of dodges the question of what to do about this crisis.
There have been no substantial policy proposals from Europe since Obama got elected, everyone's been waiting for him to solve the crisis.
There have been consistent calls by France and Germany to regulate capitalism better and crack down on tax haven (mostly grandstanding from Sarkozy, I'll grant, but the German drive has been serious enough).
There's been a pushback on deficit spending, and more generally there has been very little criticism of how the ECB has handled the crisis on its side, which is a stark change from usual practice in big parts of Europe.
Brown has been forced to choose sides (symbolically anyway) and seems to have sided on the European side. That's pretty significant too. In the long run, we're all dead. John Maynard Keynes
