BBC News
September 7, 2011
There was a time, not so long ago, when politicians were profligate and the markets begged for restraint. Not any more.
Now it is politicians - on both sides of the Atlantic - who demand fiscal restraint and spending cuts. While the financial markets seem to be looking for stimulus.
I was especially struck by the reversal of roles in the US, where I spent several weeks during the summer. There, the market folk on Wall Street are all fretting about the possibility of a double-dip recession.
Indeed, most independent economists I have spoken to think there's a decent chance the economy is already contracting.
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