"You shall not crucify mankind upon a croissant d'or." That was Alan Taylor's response (in correspondence) to François Hollande's embrace of Say's law -- he literally said that "supply actually creates demand" -- together with a shift to, again in his own words, supply-side policies. Kevin O'Rourke also weighs in, as did Ambrose Evans-Pritchard . Mark Thoma is your go-to site for the rapidly growing avalanche of horrified snark.

The amazing thing to me, aside from Hollande's haplessness, is the extreme pessimism that has evidently enveloped French elite opinion. You'd think that France was a disaster area. Yet the numbers, while not good, just aren't that dramatic.

Also follow the link to Francesco Saraceno's blog.

Where is this leading us?

See that rat hole over there?