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For the moment the ECB is finally doing its job, which has slowed the deterioration of the European economy.

To stop the crisis - nevermind reverse the damage already done - would require an appropriate fiscal response. This in turn would require abandoning all this Austerity bullshit and purging enough of the Hayekians from the ECBuBa that we could be reasonably confident that this fiscal response would not be sabotaged at some inopportune moment to assuage some delusional inflation neurosis.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 12th, 2011 at 12:05:43 PM EST
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