In 2015, the Conservatives spun the line that Labour profligacy had messed up the economy, and they had no choice but to clear up the mess. In short, austerity was Labour’s fault.
SWL's argument is simple. Conservatives got messy with productivity theory, therefore austerity was fine and dandy. Notice the missing steps in the underpants story?
Let us reconstruct:
Conservatives messed up theory a bit
Both sides are united by a third variable, government must do something. We know they are both right because all the markets seem focused on government, mostly on the doubling of the debt and the large central bank balance sheets.
So, we can prove, yes, it is something about government. Beyond that, why waste the argument, we will simply build the money system that exposes whatever government needs to do, let the new system force visibility without the help of any third party maintstreamer.