I have to say this is a work of pure genious from comical and the bank he works for who were reported in a broadsheet yesterday as offering refunds to people who invested in one of their bonds, obviously a number of things in that bank that arent much use.
The EU taken as a whole is like a massive oil tanker. It does not suddenly do anything. It will not suddenly have a major slowdown any more than an oil tanker can come to a stop in 10 seconds.
These two are becomming more and more marginalised by the day. They may get to a point where even the media are laughing at them. If this happens then their careers will effectively be over.
It is an old trick all “leading economists” know and use.
When someone asks you what is going to happen with policy (usually interest rates) and you haven’t got a clue you say they should increase/decrease them, but probably won’t". That way you can say you were right either way!
Is dear old Austin* talking down *the European economy?
Surely not. Weren’t we all specifically warned about this kind of thing? Austin is now a doom monger too?
I guess if you’re a *chief economist *it’s ok to wish a severe recession on half a billion people in 27 different countries if it means possibly some more cheap credit to re-inflate a sagging Irish housing bubble.