REUTERS/Steve Dipaola
Here's a great paragraph from Paul Krugman:
Expansionary
In just the last few weeks we've seen the UK get rebuked, Reinhart & Rogoff go down, European interest rates fall, and
What's remarkable is how public this all has been. Academic ideas go in and out all of the time, but not in ways so easily digestible for mass consumption. And usually the pace of intellectual change is glacial. This has happened in blog time.
So it's really nothing we can recall.
And to the extent that leaders (at least in Europe) are now clearly calling for an end to austerity, it could be quite bullish for the economy.