The triumphalism of British Chancellor George Osborne in recent weeks, as a modicum of positive economic news seeps out of the – Old Dart – or should I say Britain (given the Old Dart strictly refers to England), is almost too much to bear. Moreover, stand ready for a phalanx of I-told-you-so-mainstream-economists coming out in force lecturing all and sundry about the benefits of fiscal austerity. These characters have been hanging tough for any sign of growth (they have been waiting some years) so they could all chime in that austerity has created the conditions for the growth. They choose to misunderstand any evidence that might cast doubt on that (spurious) correlation. The reality is very different. Austerity has undermined growth and retarded the economies where it has been imposed. All economies eventually resume growth. But the legacy of the policy failure will remain for years to come. All I can say to these triumphal ones is – Careful before you leap!