The ecological austerians want to argue that the current recession is the inevitable pain for living beyong our planet's thermodynamic means.

Both are hangover theories and they share a common conceptual and, yes, moral, frame.

Both are actually wrong in my opinion.

Note that I am not arguing that if there's an ecological collapse in mid-century it won't be an inevitable consequence of ecological overconsumption. I'm just arguing that we actually have the human and material resources to turn around, simultaneously, both the employment situation and the ecological situation.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker