failed. >> let's be fair to britain's austerity experiment which i am known to disagree with. they said you should do a bit more spending now and a little less spending a year or two now. what they've talked about is really small beer. i think the government through away a policy option and it's made it difficult of borrowing more, of doing more public investment. that option was open to them, unlike, say, spain, and certainly not greece. they had this option and got rid of it. so when it turned out to their shock, they didn't expect this, that the economy basically flat lined, stopped growing, recovery was aborted, the policy the bank of england has been pursuing is not effective partly because our banking system is not fixed. >> how does the austerity debate look to you? >> i think it's important to understand there are different