Those people who have advocated expansionary austerity should now fess up and apologise.
Their theory was wrong. Empirical evidence,as we have seen previously ,demolished this theory.
Now Europe has now shown it to be complete claptrap.
No country that had embraced has experienced a recovery. In fact it has been quite the opposite.
People such as Trichet and Rehn in Europe should hang their heads in shame that they have put a lot of people on the unemployment scrapheap.
Here in Australia would it be too much to ask peope such as Carling, Kirchner , Davidson , Kates et al simply to admit they got it completely wrong and resign from their jobs!
This sums it up well.