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.

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