Quote of the Day: ECB Austerity Proponents are Dunces

The ECB’s arguments look to me like scraping the bottom of the intellectual barrel. The truth is that it is not fear of government bankruptcy, but governments’ determination to balance the books, that is reducing business confidence by lowering expectations of employment, incomes, and orders. The problem is not the hole in the budget; it is the hole in the economy.

- Robert Skidelsky, "Fixing the Right Hole", Project Syndicate