And Has the Picture to Prove It
The most eminent economist of our times, Paul Krugman, several years ago created the term “confidence fairy” to derisively describe the concept that cutting government spending would stimulate private investment because it would give the business community ‘confidence’. The truth of course is that business investment is stimulated by demand, and that by cutting government spending one achieves the opposite of the proponents of the confidence fairy.
But all is not lost.
A correspondent sends me this picture, snapped from the river in Frankfurt, right near the ECB’s headquarters:
|Yes: it’s the Confidence Ferry!|