Surprisingly, no mention of the Japanese experience, or the effect of austerity (which, one can infer, would be what Mr. Grant would recommend, either through tight money or tight fiscal policy) on European economies that have tried it.

US companies are sitting on $ 900b in cash, & the Fed has indicated that it will keep it's easy money policies into 2015. If these favorable conditions are not inducing them to invest, how would tighter fiscal/monetary policies which would presumably deteriorate the aggregate demand picture induce them to invest?