The grandfather paradox

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Daniel Hannan, a Member of the European Parliament, takes the floor to express his skepticism over Gordon Brown’s approach to solving the economic crisis. “You can’t borrow your way out of debt,” Hannan says.  Unfortunately, Hannan is likely to have as much success as Nick had in trying to convince Gatsby that “you can’t repeat the past.” Gatsby’s famous reply on that occasion was, “Can’t repeat the past? Why of course you can! I’m going to fix everything just the way it was before.” Which was exactly the problem to begin with.

Fortunately American policymakers are smarter than Gordon Brown. Or are they?