shezad morani

S&P downgrade’s France and 8 other Eurozone countries. (via The cover of today’s Libération in France. )

Now, whatever you may think of credit agency ratings, isn’t it interesting that there seems to be more of a slowly waking realization across the board that austerity stymies growth? More on that from Krugman. While this might be obvious if one spent just a bit of time thinking about it, it’s interesting how much a grip the austerity narrative has had nationally and internationally. It was in fact Webster’s ‘word of the year’ for 2010.