[lbo-talk] an outbreak of irresponsibility

[Nicholas Roberts]

But as Paul McCulley has been
arguing<http://www.calculatedriskblog.com/2012/04/mcculley-monetary-and-fiscal-policy.html>,
what the world needs is an outbreak of irresponsibility. Specifically, he
advocates central bank and fiscal policies that do the exact opposite of
what orthodox, responsible thinking would call for. Only then will the
global economies be shaken out of their multi-year malaise.

So yes, Europe desperately needs a hard break with the "responsible" status
quo.

People are terrified of Hollande because he favors high taxes on the rich,
and doesn't want to sign the fiscal compact that was agreed to late last
year. But in times like this, the irresponsible path is the way to go.

Read more:
http://www.businessinsider.com/paul-krugman-nails-it-on-the-french-election-2012-4?utm_source=sailthrusuggest&utm_medium=rightrail&utm_term=&utm_content=&utm_campaign=recirc#ixzz1suwEbKHm