The @FinancialTimes is still wrong about fiscal policy. It apologizes for the austerity-craziness in the 2010s, but it misses the point that governments cannot run out of their own money. The discussion ends there.
ft.com/content/7b6242…
ft.com/content/7b6242…
I have written up the full argument for @GowerInitiative here: gimms.org.uk/2020/12/12/ris…
See also my new article with Michael Paetz on the Eurozone here: link.springer.com/article/10.100…
I suggest that governments create a commission to inquire how such a colossal failure like austerity policy was even possible. The arguments in favor where dubious from the start, the empirical evidence flawed. Let us make sure that this never happens again.
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