After being pummelled byt pretty much everyone, including Colbert, now the authors of the (in)famous study predicated on faulty reasoning, cherrypicked data and a wrecked Excel spreadsheet are apparently backpedalling as fast as they can and trying to rewrite history:
“Now that their thesis has suffered a potentially fatal blow, and the ‘fiscal tsunami’ of soaring interest rates they predicted has still not materialized, Reinhart and Rogoff are re-writing history and appearing to get a little cozier with the idea of debt. Given the damage that austerity has already caused, any apparent abandonment of it is welcome. Still, there’s no better proof that the intellectual case for austerity has always been empty.“
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