Opinionomics | 27 April 2012

Must-read comment and analysis. Featuring a clash of titans and the death of a fairytale

1. Is ‘Fiscal Cliff’ a Keynesian Topography Mistake? (Bloomberg View)

Caroline Baum presents a very monetarist view of the "fiscal cliff" – is it even an issue?

2. Can national statistics be self-fulfilling? (Reuters)

Felix Salmon looks at the possibility that by declaring recession, we now may be inevitably in a recession.

3. Ben Bernanke vs. Paul Krugman (Washington Post | Wonkblog)

Ezra Klein acts as an impartial adjudicator in the battle between two American heavyweights.

4. The Coalition has failed. There is an alternative. Can Ed Miliband be its champion? (Independent)

Owen Jones argues for a convincing left-wing alternative to the coalition's economic dogma.

5. Death of a Fairy Tale (New York Times)

Paul Krugman celebrates the death of austerity.

Georgetown University students protest a speech by Rep. Paul Ryan (R). Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Election results in Wales: Labour on course to remain the largest party

Despite a shock victory for Plaid Cymru leader Leanne Wood, Welsh Labour will be able to govern without a coalition.

Labour have posted good results in Wales, where the party remains on course to be the controlling force in the Welsh Assembly.

At the time of writing, Carwyn Jones’ party has 24 of the 40 constituency seats, with Plaid Cymru a distant second on 6 and the Conservatives on 5. Among Labour’s notable holds was Gower, which the party lost narrowly at a Westminster level in the 2015 general election by just 27 votes.

There was a surprise victory for Plaid Cymru leader Leanne Wood in Rhondda, where she defeated Labour cabinet member Leighton Andrews with a swing of 24 per cent. Speaking about the result, a spokesperson for Welsh Labour said:

“The Rhondda result is a really tough for us – we’ve lost a great Minister and one of the most respected politicians in Wales. Clearly the huge national profile afforded to Leanne Wood has had an impact, and Plaid seem to have won this seat at the cost of making progress anywhere else in Wales.

“The other results so far have been good. In particular where we are fighting the Tories it shows the local campaigns have been successful.”

Welsh Liberal Democrat leader Kirsty Williams held on to her seat in Brecon and Radnorshire, while Ukip have yet to win any seats (although they are likely to get a few on the regional list).