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Aha, but "austerity now, but not just austerity" is a policy guaranteed to fail them.

Its hard to see how they make headway under that banner, unless they shift attention from the need for a non-currency issuing state to run a balanced budget on a capital basis (current spending plus debt service), and instead add ECB reformism to their structural reform slate.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Nov 21st, 2011 at 11:33:00 AM EST
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