The KGB Oracle Forums General Public Discussion (SPECIAL ACCESS) KGB Political Debate Central Catastrophic consequences of austerity in UK

It's not "just" that southern Europe is stuck in a depression and Britain is stuck in a no-growth trap. It's that the very intellectual foundations of austerity are unraveling. In other words, economists are finding out that austerity doesn't work in practice or in theory. Countries that tried to aggressively cut their deficits amidst their slumps didn't recover; they fell into even deeper slumps.

But now austerity doesn't look so conventional. It looks like the punchline of a bad joke about Excel destroying the global economy. Maybe, just maybe, that will be enough to free us from some defunct economics.