AGAINST AUSTERITY (COMMENTS). In the last week Nick has commented twice about the economic policy of the last ten years.
On March 1, 2019, he wrote: “The danger of the half measure, however, of bailing out the banks but then pivoting to austerity is you wind up with the banks themselves propped up at the expensive the majority of the populace.”
I replied: “In the cases I can think of, austerity is never called for after the crisis (run on the bank) is over.”
Nick then commented on March 4, 2019: “I would argue that’s what has happened in the United States in the last ten years.”
I know that Nick is reading Mark Blyth’s AUSTERITY: The History of a Dangerous Idea, and I am going to read it also.