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It may have been right in the first half of 2009, but a bigger stimulus wouldn't have hurt ('adequate' is not an exaggerated size). And the argument was symptomatic of a general opposition to fiscal stimulus, as we saw by the "crass Keynesianism" "argument" (ahem) of late 2008, the debt brake of mid-2009, and then the panic over EU-wide breaches of the deficit limit at the end of 2009, to be followed by liquidationism and "expansionary austerity" since.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Sat Feb 18th, 2012 at 12:45:41 PM EST
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