Brad Delong quotes Ed Balls quoting Brad DeLong

History teaches us that when none of the three clear and present dangers that justify retrenchment and austerity – interest-rate crowding-out, rising inflationary pressures on consumer prices, national overleverage via borrowing in foreign currencies – are present, you should not retrench.
---DeLong... a good and coherent read on the austerity question (by Ed Balls)