Saturday, December 24, 2011

Paul Krugman: Europe's Austerity Measures May Guarantee Recession



European leaders earlier this month announced a plan that, on the face of it, was pure nonsense.

Faced with a crisis that is mainly about the balance of payments,with fiscal crisis as a secondary consequence, they supposedly committed everyone to severe fiscal austerity, which would guarantee a recession while leaving the real problem unaddressed.

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