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Evening Standard: "Austerity is causing too much pain — now it’s time for Plan B"

"As the Autumn Statement looms, history shows us that the emergency fix is not enough to boost an economy"

Link to web site

"... In a letter to the Financial Times [two economists] talk of 'overwhelming evidence' that the excessive reliance on orthodox and unorthodox monetary policy — in other words, forcing interest rates to artificially low levels — had not only failed to secure a significant recovery of economic activity in the UK, the US or the eurozone but is causing major distortions in financial markets.

"They go on to talk of 'the folly of negative interest rates' and the likelihood of 'serious instability' when the central banks try to get things back to normal. Theirs is a thinly-disguised warning of another financial crash which will be brought about this time by the inevitable and potentially huge losses on bonds which have become the investment of choice for the world's savers. Currently they stand at insanely high levels, driven there by current policy. They will, however, plunge when policy normalises.

"So we are pursuing a policy that has not only failed and which carries a real risk of making things worse but one which Bank of England Governor Mark Carney has advised could yet become more extreme with yet another rate cut."

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