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You're going to have countries going further into recession, making it harder for them to service their debt, that will be seen and responded to as a currency crisis.
So you're saying another three iterations of Teh Stupid: One to realise that it's a currency crisis (European Tribune: Get your news two years early), but deal with it by the IMF playbook. Another one to realise that maybe it's time to dust off the proper policy response (John Maynard Keynes: Get your policy response eighty years early). And a third one to actually get their act together and convince even the dumbest Bild Zeitung reading meatbrain that Keynes was right all along.
What great fun. Maybe I should move to Germany.
Austerity can only be implemented in the shadow of a concentration camp.
The recent boffo-socko idea of a BALANCED BUDGET!!1!11!!eleventyone!!!! is Yet Another bit of evidence showing how removed from reality TPTB are.
Skepticism is the first step on the road to truth. -- Denis Diderot
Maybe I should move to Germany.
Why bother? German policy, at a minimum, is coming to you.
As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
Germany policy is designed to benefit Germany.
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