The Problem With the G-8 Summit

This is well-said by Daniel Davies, the Internet’s number one source for finance-related sarcasm.

It’s good that in the post-Hollande world, the great and the good are gathering to talk about the need for growth and not just actuarial numbers, but growth is an outcome rather than a policy. The United States has a lot of fiscal flexibility, so regardless of which policies you think would lead to growth there’s a wide range of things we could be trying. Europe is much more constrained. European countries could be given fiscal flexibility to maintain spending and avoid tax hikes, but it would have to be given to them by specific acts of the German government and others. So if the agenda is something other than austerity, someone has to actualy change something.