When the facts change, I change my mind. What do you do? -- John Maynard Keynes
Wednesday, November 23, 2011
Eurozone: the confidence fairy’s not coming
Brief Eurozone status update: “Even with unlimited political will, this would be a recipe for prolonged recession and stagnation in Europe. With political capital limited in practice — watch Spain’s new government quickly become just as unpopular as the old one! — it’s a recipe for catastrophe. No wonder eurocrats placed their faith in the confidence fairy. But she’s not coming. It would take a radical reversal of course to save this thing. And so far I see no willingness to face up to that necessity.” -- Paul Krugman in the New York Times
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