NP - Toryism (Austerity) Isn't Working.

[alice wellintown]

> A systemic favoring of creditors is one way to put it.

Well, we had a liquidity crisis. The response, all the programs put in
place, were designed to deal with the crisis. They worked. The
question is not should we have taken (since most of the programs have
expired)  these necessary steps, but did we do enough and do we need
to do more. This is what level headed economists are debating. Krug, I
maintain, has become so political that he has taken to calling Ben out
and has ignored the economics of Ben's actions so he can attack Ben on
the political front. Not a good idea. That Ben wrote, what Krug
considers, a Rooseveltian paper on Japan when Japan was suffering
deflation and political deadlock, is a fact. But Krug ignore the
differences in these two economies and the crises they face and
focuses on the plitical. That is because he knows, he must know, that
Ben has done about all he can do at this point. And, it is working.
Not fact enough for many, true, and this is frustrating and sad, but
not immoral and not down to political bullkying or some chracter flaw
in Ben. Brug should take off his Psychology cap and put on his
Economics cap.