If even people from the FT say austerity has failed...

There's an argument that the financial crisis was fuelled, if not started, by endless commentary in the news media.  Now Martin Wolf, chief economics commentator of the Financial Times, says this:

"Austerity has failed. It turned a nascent recovery into stagnation. That imposes huge and unnecessary costs, not just in the short run, but also in the long term: the costs of investments unmade, of businesses not started, of skills atrophied, and of hopes destroyed."

You can read the full article here, on The New York Review of Books site.  It's also apparently available on the FT site, but that of course is a pay site, which is anathema.