Hey, if you read what Nobel laureate Paul Krugman was writing you will have known this for at least 2 years. http://krugman.blogs.nytimes.com/2011/12/09/slow-l

Hey, if you read what Nobel laureate Paul Krugman was writing you will have known this for at least 2 years. http://krugman.blogs.nytimes.com/2011/12/09/slow-learners/ http://krugman.blogs.nytimes.com/2011/12/09/slow-learners/ From reading his blog you'll also know that: - Spain had surpluses and was lowering public debt before the crisis - The catastrophe that austerity caused and how the idea was very bad in the first place - How the crisis was made worse by the 'euro straightjacket' (ECB tight money policy). - How the euro caused trade deficits in the southern countries that were compensated with German and French capital. The weird thing is - its not even unorthodox, unconventional economics. Its the basics that everyone studies, but no one remembers.