At the end of the day the US is doing Europe a great favor with the IRA: more clarity on where we stand. Washington tells hapless European liberals that liberal globalisation with a green spin is out and that a geoeconomically-infused contraption that spans neo-mercantilism and national-neoliberalism with a green spin is in.

There is much celebration over the so-called burial of austerity by the IMF. This is an exaggeration. ft.com/content/0940e3… Before the turn to austerity in 2010, in 2008-2009 the international financial institutions were just as keen as they were last week to exhort countries to use public spending (and to a lesser extent tax cuts) to overcome recessions, using language that was not any less decisive