Soon it will be time for the crude reality, either austerity plunges Europe into another recession and debt piles up and the solvency of Germany is at stake or the program works as the gurus expected and an slow recovery slugs trhrough without inflation.

In the latter case, Greece is still insolvent becuase rich people do not pay taxes there...in the former all Europe is insolvent in four further years of recession.

So, either Greece defaults or inflation is created.

Or Spain and Italy stops deflating their economy or Germany recovery is halted...

I hope they will not have any ther option than monetize debt, generate inflation, increase german salaries and put a high tax on the casino... A mass transfer of wealth from teh casino and banking system to the German worker and Portugal and Greece or everything collpases.

Of course, bankers cold be right and you can growth at 0.1 % every semester for ten years with high unemployment and low inflation despite deficit spending cut which translate in lower aggregate demand.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude