For those who can’t remember this is what 364 Keynesian economists wrote to The Times.
“We, who are all present or retired members of the economics staffs of British universities, are convinced that:
a) there is no basis in economic theory or supporting evidence for the Government’s belief that by deflating demand they will bring inflation permanently under control and thereby induce an automatic recovery in output and employment;
b) present politics will deepen the depression, erode the industrial base ofour economy and threaten its social and political stability;
c) there are alternative policies; and
d) the time has come to reject monetarist policies and consider urgently which alternative offers the best hope of sustained recovery.”
Guido won’t be there tonight because he still has the hangover from hell. Incidentally, has anyone seen my scooter?