Still in jet-lag city. Talking to people, and also reading what comes across the threshold, it occurs to me that there’s widespread misunderstanding of what a more or less Keynesian view of Europe’s problems actually implies. People seem to think that it means that (a) internal devaluation can never work (b) any sign of recovery, even a partial rebound, proves Keynes/Krugman wrong (this is a critical part of Baltic boosterism, where the partial recovery of Latvia and Estonia is supposed to be some kind of incredible triumph).
Πηγή: The New York Times