The problem is that the only “austerity” we read about (here, here, here and here, for a small sample) is Fiscal Austerity.
It takes a Market Monetarist like Scott Sumner to come out and speak against “Monetary Austerity”:
Keynesians are focusing on the fiscal part of the problem, but with Britain already having the third biggest budget deficit in the world, I think people need to start paying more attention to errors of omission by the BOE. That’s the elephant in the room that almost everyone is ignoring.
