Stephen Kinsella: Confidence fairy strikes again -- but our debt will need lashings of magic
There's an old story about getting back lost fairies. You have to believe, and say you believe, in them. If you do it enough -- and even better, if everyone around you wishes hard enough -- the fairy will return. Even if you've killed her at some point in the past.
Fairies are magical creatures with the ability to create something out of nothing. The economist Paul Krugman has lampooned those arguing for austerity as essentially believing in the 'confidence fairy'.
The confidence fairy is a magical creature who flies around sprinkling confidence and hopeful behaviour on those lucky enough to meet her. She's great altogether.