'The Intellectual Bankruptcy of the Austerians'

Some comments on the latest report from the BIS:

Paul Krugman: Dead-enders in Dark Suits: ... Part of what makes the report so awesome is the way that it trots out every discredited argument for austerity, with not a hint of acknowledgement that these arguments have been researched and refuted at length ...

Antonio Fatas: BIS: Bank for Inconsistent Studies: ... Yet another day when one feels that this crisis has been a wasted crisis for economists to learn about our mistakes. ...

Simon Wren-Lewis: The intellectual bankruptcy of the austerians: ... It is both amusing and tragic to watch the advocates of fiscal austerity try and deal with the fact that the thin intellectual foundations for their approach have crumbled away, while at the same time the empirical evidence of their folly accumulates ...