This is Your Country. This is Your Country on Austerity.

[Zeugma]

[The Dude]

[Indy]

[sam_i_am]

[The Dude]

That goes along with what Indy said.

Austerity during bad economic times makes the debt worse, not better, in the long run.

Note how I told you: " it makes everything worse forever (when the economy sucks)"

[The Dude]

[The Dude]

[The Dude]

[Kane]

Everything dude has just said is true.

Lets think a out Greece for a second: obviously their obligations outweighed their output domestically and internationally speaking. Neither internal consumption nor external demand could hope to correct their imbalances. So they adopted austerity. Crazy levels of austerity. It worsened the economy. It made it abysmal. It put them into depression. Bond yields skyrocketed as they did this. Their economy contracted further.

So ask yourself, what had a greater impact on their bond yields: their fiscal balance and the austerity being imposed....or the EU and the ECB finally admitting it could serve as a lender of last resort? As a matter of fiscal policy austerity nearly destroyed the EU.

[The Dude]