Excellent articles by Martin Wolf and Robert J Shiller on the flawed thinking behind government austerity drives in the midst of crisis
Senior Financial Times columnist Martin Wolf today: "What is to be done? To find an answer, listen to the markets. They are saying: borrow and spend, please. Yet those who profess faith in the magic of the marketsare most determined to ignore the cry."
Yale Economics Professor Robert J Shiller: "The lesson is simple: We should worry less about debt ratios and thresholds, and more about our inability to see these indicators for the artificial – and often irrelevant – constructs that they are."