Kevin O’Rourke: What the markets want

Fantastic column this morning by Kevin O’Rourke — a guy who knows a thing or two about globalization. (He wrote the book.) Turns out that markets — not unreasonably — want both fiscal realism and economic growth. In other words, an austerity programme which delivers only that (austerity) is useless to investors, and won’t be rewarded by them.

So how do we get growth? You know where I stand: default, devalue, reflate, reform. Kevin advocates an EU-brokered fiscal expansion. I’m all for it.

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