Who is going to play Mervyn King in America -- who'll play the prudent voice of reason? Not the obstructionist Republicans who long ago got disqualified from reasonableness.
King is the Bank of England governor and he has taken the reasonable view that a nation shouldn't spend what it can't afford to spend. On that basis he's now standing up to Gordon Brown's government and saying enough--put a break on the stimulus.
This isn't complicated stuff: At some point you spend so much and imperil your economy so clearly that nobody will lend to you, and so your interest rates explode, which vastly compounds your recession.
The counter-argument is as simple: We've no alternative but to spend wildly in the deepest hope that we can kick-start the economy before we kill it.
It's a fine balancing act between those two realities. The art is in the balance.
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