Best News in Years
It is about time.
Mish has a post on the group of 20 nations and their recognition (finally) that the expansionary spending funded by debt is unsustainable.
A quote from one of the articles:
Finance ministers from the world’s leading economies ripped up their support for fiscal stimulus on Saturday, recognising that financial market concerns over sovereign debt had forced a much greater focus on deficit reduction.
I found Mish's position interesting, this concern did not arise out of genuine prudent fiscal management, but their hand was forced by increases in credit costs --> investors are concerned and are not willing to jump in and fund debt like they used to.
However it has come about, all I have to say is finally.