Is the tide turning on the idea of austerity? Philip Pilkington takes issue with this week's New York Times feature story on how well the Latvians are enduring austerity. The IMF thinks Latvia has gone too far. Last week, IMF Director Christine Legarde warned Germany to go slower in making cuts. And, yesterday, it (the IMF) acknowledged in a new paper that "“Forecasters significantly underestimated the increase in unemployment and the decline...
