Simon Wren-Lewis: Default Panic and Other Tall Stories: “People still say to me that the UK or the US had to embark on austerity, because otherwise the markets would have taken fright at the ‘simply huge’ budget deficit… …How do they know this? Because people ‘close to the market’ keep telling them so. What can … Continue reading Nighttime Must-Read: Simon Wren-Lewis: Default Panic and Other Tall Stories