And, Jack, your solution is what exactly? I'm not defending George. Personally, I am not an economist & I have little idea of what might / not work (although I'm pretty sure that Labour's desire to spend money we haven't got is probably a bad idea). However it's very easy to carp & criticise. What would you do instead? I read the first couple of para's of your link & what I read was "A politician promised..." Sorry? And everyone believed him? A politician's promise constitutes a basis for declaring success or failure? Since when? It's hardly empirical evidence is it?

As far as I can tell, George's efforts at austerity will not work in the time frame that he promised. That's all. That doesn't mean that his methods won't work eventually (!), or that there is anything wrong with the principle of austerity. Maybe there is; I dunno. I do know that your article proves fuck all, except the bias of its (Americna) author, and that no-one seems to be coming up with a better idea. I do know that, currencies no longer being backed by anything concrete e.g. gold, we're printing an awful lot of fiat money in the hope of rescuing things, and that's worrying an awful lot of people.