Fitch hitches to the anti-austerity bandwagon

Credit ratings agency argues against affects of austerity.

Fitch Ratings are jumping on the anti-austerity bandwagon, it seems. Their new research is unambiguous about the extent to which stimulus helped the US:

Oxford Economics’ Global Economic Model (GEM) suggests that the U.S. policy response to the recession increased aggregate GDP by more than 4 per cent two and three years after the trough of the last crisis than otherwise would have been the case. These policies helped to support GDP growth of 3.0 per cent in 2010 and 1.7 per cent in 2011, implying that the U.S. might still be mired in a recession absent this stimulus.

If you like your bandwagon-jumping in visual form, they are happy to accommodate:

This is, of course, the same Fitch Ratings which wrote two months ago, as it put the UK on negative outlook, that one of the things which would trigger a downgrade would be:

Discretionary fiscal easing that resulted in government debt peaking later and higher than currently forecast.

So in March, discretionary fiscal easing is enough to downgrade a country; in May, it's found to have caused a 4 per cent boost to GDP. Those don't sound like consistent positions.

We asked Fitch whether this new research affected their recommendation for the UK, but they declined to comment.

Bargain hunters shop for discounted merchandise at Macy's on 'Black Friday' on November 25, 2011 in New York City. 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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“Trembling, shaking / Oh, my heart is aching”: the EU out campaign song will give you chills

But not in a good way.

You know the story. Some old guys with vague dreams of empire want Britain to leave the European Union. They’ve been kicking up such a big fuss over the past few years that the government is letting the public decide.

And what is it that sways a largely politically indifferent electorate? Strikes hope in their hearts for a mildly less bureaucratic yet dangerously human rights-free future? An anthem, of course!

Originally by Carly You’re so Vain Simon, this is the song the Leave.EU campaign (Nigel Farage’s chosen group) has chosen. It is performed by the singer Antonia Suñer, for whom freedom from the technofederalists couldn’t come any suñer.

Here are the lyrics, of which your mole has done a close reading. But essentially it’s just nature imagery with fascist undertones and some heartburn.

"Let the river run

"Let all the dreamers

"Wake the nation.

"Come, the new Jerusalem."

Don’t use a river metaphor in anything political, unless you actively want to evoke Enoch Powell. Also, Jerusalem? That’s a bit... strong, isn’t it? Heavy connotations of being a little bit too Englandy.

"Silver cities rise,

"The morning lights,

"The streets that meet them,

"And sirens call them on

"With a song."

Sirens and streets. Doesn’t sound like a wholly un-authoritarian view of the UK’s EU-free future to me.

"It’s asking for the taking,

"Trembling, shaking,

"Oh, my heart is aching."

A reference to the elderly nature of many of the UK’s eurosceptics, perhaps?

"We’re coming to the edge,

"Running on the water,

"Coming through the fog,

"Your sons and daughters."

I feel like this is something to do with the hosepipe ban.

"We the great and small,

"Stand on a star,

"And blaze a trail of desire,

"Through the dark’ning dawn."

Everyone will have to speak this kind of English in the new Jerusalem, m'lady, oft with shorten’d words which will leave you feeling cringéd.

"It’s asking for the taking.

"Come run with me now,

"The sky is the colour of blue,

"You’ve never even seen,

"In the eyes of your lover."

I think this means: no one has ever loved anyone with the same colour eyes as the EU flag.

I'm a mole, innit.