If “Osborne has now been proven wrong on austerity” that does not mean that Martin Wolf would be right

Sir, if “Osborne has now been proven wrong on austerity” as Martin Wolf opines, September 27 it does not mean that Martin Wolf would have been proven right with his lesser austerity.

I say this because Martin Wolf refers to monetary stimulus, and if given while capital requirements for banks based on ex ante perceived risk impedes the liquidity to go where it is most needed and could be most productive, then you will also have an “unnecessarily protracted slump”, perhaps even an everlasting one… until all blows up!

The austerity that is killing off the western world economies, is the risk-taking austerity imposed by bank regulators who seem to ignore that we pray “God make us daring!” in our churches.

PS. Sir, just to let you know, I am not copying Martin Wolf with this, as he has asked me not to send him any more comments related to the capital requirements for banks, as he understands it all… at least so he thinks.