There is an astounding tale that will, let us hope, one day be told properly, giving full range to the pulverizing improbability of it all: how it baffled settled assumptions, Left and Right, and turned the whole world on its head. Its main drama unfolded in late spring 2010, though its seeds were sown much earlier. Its consequences will surely be as unpredictable as its unfolding. A facile literary reference will perhaps suffice for a brief sketch of its lineaments:
The Greeks constructed a new wooden horse, a sturdy, impressive and mesmerizing contraption; and it in they concealed their most cunning and ruthless warriors, all bent on slaughter and rapine, and focused on a single class of men.
It appears that the subterfuge succeeded. The assassins were geniuses of their dismal trade.
The wily Greeks (aided, it is rumored, by Portuguese and Spaniards) effected a wholesale slaughter of the European Keynesians.
By late June the American Keynesians were pleading with European statesman to strengthen and extend stimulus measures; but they found to their dismay that all their old allies had been slain. Austerity was the somber watchword. Even the cries of deflationary trap and a second Great Depression from the pages of The New York Times would not avail them. Nary a Euro-Keynesian was left standing, not even a new Aeneas to flee to the west and found the new kingdom.