Everyone agrees the government must return a sick economy to health. The disagreement is how quickly to do it. Too much medicine could kill the patient; too little allows the disease to fester.
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The first indication that post-crisis regime of low interest rates is ending has emerged – on the opposite side of the world. Australia’s quarter per cent rise will gradually trigger increases across the rest of the globe.
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Capitalists might not like to hear this. But it looks like the biggest ever experiment in Keynesian economics might just have worked.
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The latest budget from Europe’s only other English-speaking country should be studied by Alistair Darling before he delivers his own April statement. The Irish economic measures are the opposite of what the UK chancellor is planning.
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£500bn state support here, $825bn there; pretty soon we’ll be talking about serious money. But if we’re going to be paying for these government aid packages for more than 20 years, might not it best to go bust and start again?
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Donald Trump is as good as Keynesianism and better than a sovereign wealth fund. Spending £1bn on a Scottish golf course for toffs is an ideal way to offset recession.
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Gordon Brown invented the golden rule so he cannot complain that he is being beaten with it. But a smart spin-doctor might still argue it has not been broken despite soaring debt.
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