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Well, if the work were done in countries that are in recession, that would constitute a stimulus for those economies. The last thing needed is for most of the work to go to Germany. Call it "Anti-Missile Keynsianism".  :-)

But, of course, most of the work will end up in the countries that need it least, possibly excepting the UK. And presuming that the work is done in Europe. The USA could certainly use the work. It fits the economic function provided by capital spending: people are employed building things that are not immediately consumed. Not to say that it wouldn't be even better were similar sums spent on infrastructure that people would actually use.

But if they pay for it by firing government workers, then they have just replaced one kind of non-consumption oriented production with another. But politics and spin trumps all.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 14th, 2010 at 11:34:32 PM EST
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