A good clip from the BBC's Newsnight program last week. The basic conservative arguments used in favor of austerity here are being used more so in Britain, to not surprisingly disastrous results.
Jeremy Paxman is joined by Nobel Prize winning economist Paul Krugman, venture capitalist Jon Moulton and Conservative MP Andrea Leadsom to discuss whether austerity is always the best method for resolving a country's national debt problem.
Moulton brought up the Estonian 'miracle' at the very end, which was dismissed by Krugman. The Estonian President Toomas Ilves has since gone on a twitter war against Krugman for his comments.