Austerity being exposed for its abject failure: FINALLY!

a  recent IMF report shows ( again) in painstaking econometric detail that some of the most influential European research purporting to show the merits of “expansionary austerity,” and which showed up in ECB reports,  basically cooked its books. Most embarrassing of all, a famous paper by Ken Rogoff and Carmen Reinhart, quoted by austerians as diverse as the EC’s Olli Rehn and the US’ Paul Ryan, has been shown to be based on  bad data, dodgy assumptions, and a  basic inability to use Microsoft Excel. Suddenly the sado-monetarists look less like a counter-revolutionary fiscal vanguard and more like petty crewmen busily  rearranging their intellectual deck chairs while the rest run for the  anti-austerity lifeboats.

http://www.alternet.org/economy/finally-austerity-being-broadly-exposed-its-abject-failure?akid=10378.294211.SqnaQG&rd=1&src=newsletter832576&t=15