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It is always a good time to speak with David Blanche Flower of Dartmouth College. He is someone we can talk to on austerity,

on the Fed, we can talk to him about the mysteries of economic growth. What we can really talk to

him about is the labor economics of Italy.

His classic the wage curve from a good 20 years ago was controversial.

With us Ian Shepherson as well this morning from Pantheon macroeconomics.

Professor Blanchflower, I would suggest the wage curve for Italy is destroyed.

Here's the chart we showed earlier.

Under 25 yearold unemployment has ballooned from 20% to 37%.

...