Niall Nails it

What to make of Niall Ferguson?

As a Harvard professor, one might initially suspect him of membership in the so-called "ruling class" described a few posts down the page.

But how does the man keep getting invited to Davos when he writes stuff like this?

The remedy for such fears [of government deficits] must be the kind of policy regime-change ... which the Thatcher and Reagan governments successfully implemented. Then, as today, the choice was not between stimulus and austerity. It was between policies that boost private-sector confidence and those that kill it.

Emphasis mine.

A short read on the "stimulus" controversy - the comparison of deficit conditions in the '40s vs today are frightening.