My word, all these events really are making some people say some strange things.
On Tuesday, the prime minister should stand up and say: "We used to think you could borrow your way out of a recession and increase employment by increasing debt and setting the City free. I tell you in all candour that option no longer exists".
So that\’s a total rejection of Keynesianism then is it? We don\’t increase borrowing and public spending in a recesssion, rather we must increase taxes and cut spending?
Rather Herbert Hoover isn\’t it?