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Austerity debates and what's happening in britain is not the same as what's happening in greece or the united states. the politics and the economies are different. in greece, for example, the greeks don't have the option of borrowing because nobody will lend to them. their ability to borrow is determined as much by the bond market and by their relationship with germany as anything else. they're forced to undergo a budget cutting process which probably they should have undergone a decade ago which is really more of a basic reform process. that's not quite the same thing as what's the argument i...

Away a policy option and it's made it difficult of borrowing more, of doing more public investment. that option was open to them, they had this option and got rid of it. 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 austerity debates and what's happening in britain is not the same as what's happening in greece or t...