I rarely cover Jeremy Warner of The CoalitionGraph, because usually he is too statist for my tastes; however, today he writes a considered piece about the growing monetary divergences between Europe and America.
He has some fine words for Paul Krugman, too:
As it happens, nobody is asking America to axe and burn with immediate effect, though you might not think this to read Professor Krugman's ever more hysterical commentaries on the fiscal austerity sweeping Europe. But some sort of a plan for long-term debt reduction, other than blind reliance on growth, might be helpful.Is the tide changing on Keynesianism? It's certainly coming in less quickly if it hasn't quite turned yet.
There is hope, after all.