The economic arguments for keynesian intervention are impeccable in certain circumstances. Those include not being monstrously in debt. Public and private debt.
Italy would be most unwise to go for a keynesian solution and has Mr Tremonti to make sure the idea would not even cross their ancient, malevolent, calculating minds. Italy did 'New', even 'New Dawn' once in the last 2000 years and it will be another couple of milleniums before they go for it again.
Unfortunately the United Kingdom lacks experience and world weariness. New Labour are doing keynesian reflation, with public debt even worse than Italy, and household debt that is being admired from Alpha Centauri.
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