Double dip briticession.

Just last week, news showed that the UK hit a double dip recession, growth declining by 0.2% in the last quarter. This clearly spells out something, that austerity has failed. It was clear from the beginning but European policy-makers led themselves into believing that their perceived (according to themselves) ideology-political superiority would mean their right-wing policies would translate into economic success. Comparing with the US growth in the comparative period of 2.2%, austerity under sluggish growth is a bad idea as opposed to more expansionary policies taken by the Obama administration. Another thing I find fascinating in the US, is the attitude of the Republican establishment, which wants to make it as if Europe's woes are as a result of socialism but what's clear is that what Europe has been prescribing is what the Republicans have been pushing forward.

What's saddening is Europe's persistence that of continual of the same policies which are slowing growth altogether mainly of fiscal tightening. They are blaming excessive spending by governments before the 2007 crisis as the main cause of their current predicament. But research clearly shows that excessive deficits only came about because of the recession not the other way around. The debt-to-GDP ratios of the troubled countries mainly Greece, Spain, Portugal, Italy and Ireland were actually falling. Huge capital inflows actually caused the crisis when the inflows went bust not overspending politicians. The guilt of the politicians was relaxing regulation but this right-wing guys were the ones actually at the fofront of relaxing regulation. Overally I don't know what growth David Cameron promised the British people but here they are in recession. Gordon Brown would have been a better Prime Minister.