This piece by Bill Black at Naked Capitalism is must-read. It’s the most thorough push-back I’ve seen against the panicked response in many American media outlets towards Hollande’s election in France and the rejection by the French public of austerity in a time of recession. Black notes that the Times’ reporters should read Paul Krugman, a Nobel prize winner who writes for their own opinion page, and listen to him, not the repeatedly wrong austerity hawks.
The dogmatic austerity devotees who consistently get it wrong are treated as undisputed authority while the New York Time’s own expert who has consistently gotten it right, and has a Nobel Prize in economics, is ignored.
Read the whole thing – it’s a very strong and important piece.