Our New Retarded Economic Consensus

So the western democracies need to get their fiscal houses in order to increase confidence in the bond markets so these countries can keep borrowing at low interest rates, even though interest rates are at historic lows now. Seems to me it would be irresponsible to not keep borrowing now in order to bring the economy to a stage of robust growth and to maybe give some people some jobs. Furthermore, I'm not sure why it's become conventional wisdom that sky-high unemployment caused by a double-dip recession brought on by premature fiscal austerity is going to fill bond markets with confidence.

I feel now about the same way I felt on the run up to the Iraq War. I haven't felt very bloggy lately because it seems that the Great Minds of our society have all gone batshit-crazy, and even my mighty blog posts are powerless to turn the tide.

My greatest hope is that the midterms, whatever happens, will let some of the steam out and the Very Serious People will realize that 10% is not something the country just has to "live with for a while."

But I'm not optimistic.