Friday, 28 September 2012

Spain's Austerity

In spite of all the well-known and incomparable Mittington Genius, dear reader, I could not put it any better than young Paul Krugman does in this here article.

And much as I try, I don’t see anything I should add.

1 comment:

  1. "In other words, the straight economics of the situation suggests that Spain doesn’t need more austerity. It shouldn’t throw a party, and, in fact, it probably has no alternative (short of euro exit) to a protracted period of hard times."

    Of course Spain should Spexit. Krugman is as far away from peoposing a solution as Barosso & Rajoy. The Euro is/was a political ploy, not an economic necessity. It is a currency that cannot stand without eternal support (and nothing lasts forever).

    After the US elections (I hope Obama is booted out of office), the unelected EU officials will face even more wrath from the poverty stricken.Post normal economics are as corrupt as post normal science.

    In its way, it's as appalling as Lysenkoism, whick caused serious, long-term harm to Soviet knowledge of biology.