Review & Outlook: Europe's Same Old Austerity - WSJ.com
Aren't we missing something - i.e. can most European governments actually survive if their economies grow? In other words, if there is growth, it is logical that interest rates (or inflation through expansive money printing) will rise.
Governments have gone into such debt that - while they may not even want to hint at it - they can't allow for growth.
Thus, there is a perfect logic to their 'austerity' policies.
The only question is "what does history say happens when governments are in such hock that they can't service their debt?"
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