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The serious people appear to honestly believe in expansionary austerity, except for the few Austrian liquidationists that may be around.

Has that old canard actually seen use outside the UK? On the continent I only hear TINA without even the pretence of there being a coherent story.

by generic on Fri Jan 6th, 2012 at 01:32:01 PM EST
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I believe the ECB's story is that austerity build confidence which then leads to economic recovery. So in Europe it's just the confidence fairy story.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Fri Jan 6th, 2012 at 03:58:44 PM EST
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