Dear Professor Ferguson,
This is probably fairly presumptuous of me, but I've just read your article for the BBC, and felt that I had to email you to beg you to reconsider your position, as it's opinions such as this from people holding positions such as yours that are giving legitimacy to the very policies that are dragging the whole of Europe into what is now almost certain to be the longest and harshest period of economic depression covering the most countries in Europe in living memory.
The point you and every other apologist for these 'austerity' policies never seem to explain is how austerity measures that are killing the economies of the countries involved can ever have any hope of even seriously reducing the deficits of those countries, never mind actually getting them to a point where they can actually pay those debts off.
I believe you're a historian of some repute, in which case you should have no problem pointing to the numerous examples from the last 100 years or so of all those countries who've managed to successfully pay back their debts by starting from a point at the bottom of a bad recession and enacting a savage programme of government cuts. I'm aware that Canada in the 90's provides an example you'll probably try to point to, but this would be a false comparison as it was only able to achieve this because it was able to piggy back on the growth from its biggest trading partner, whereas these policies are being applied to most of a continent wide free trade area.
If you can't come up with some suitable examples, then I'd respectfully suggest you ought to reconsider your current position, or at the very least actually explain this in your future articles, and make sure the public know that what you're actually proposing is a massive experiment of policies that have never previously been successful anywhere, and could well lead to further contractions of the economies and increases in overall national debt levels that lasts for a generation or more if you've got it wrong.
If your logic had held sway in the late 40's, Europe and Asia would never have recovered from WW2, the UK would have remained utterly crippled by its WW3 debts, the NHS and welfare state would have never happened. In the UK we'd have spent the last 60 years scratching a living in a completely wrecked country while the government cut absolutely everything in a hopeless attempt to pay off the war debts that in real terms were quadruple our current debt to GDP levels.
Had Europe not adopted these Austerity measures, over the last 2 years, and instead focused on stimulating economic growth, by now the entire continent would have been enjoying a period of sustained growth, tax receipts would be up, welfare spending would be down, deficits would be reducing and GDP would be up so that debt to GDP ratios would be reducing, financial markets would be happy so interest rates wouldn't have climbed so high, and with some good governance the banks could be paying off their debts and so in time could the countries.
Instead of this, by following the policies you're still advocating we've taken a drama and turned it into a full blown economic crisis that you and your fellow travellers have absolutely no answer to at all - ever deeper austerity in the face of a depression is not an answer to the problem, it is the cause of the problem.
To counter the impact of these depression creating policies, what Europe now desperately needs is a marshall plan to rebuild the economies of the parts of Europe that have been ravaged by this austerity induced crisis, to get their youth in to work to grow the economies of these countries to the point where they actually can start to honour their debts.
By the way, I find it frankly distasteful that you attempt to play the generational equality card with policies who's impact has been largely felt by the young, with 50% youth unemployment rates in some of the hardest hit countries. It seems a little intellectually dishonest of you not to mention that inconvenient fact in your article to be honest.
Anyway, I'll conclude this email on that note. I don't expect a reply, because apart from anything else I doubt you'll be able to supply any notable examples of countries who've successfully implemented the policies you advocate to bring them out of a deep recession - certainly not on a continent wide basis, and it'd probably be beneath a Harvard history Professor to admit that. Feel free to prove me wrong though if you're able.
If you have read this far through the email, then I thank you for that at least.
Regards
FS
ps Just to confuse you, I am one of those people who actually runs a business and employs people that you and your ilk like to portray yourselves as representing. FYI you and your views absolutely do not represent me, and most who run small businesses that I know are of the same opinion. What you're proposing is complete economic madness.