that may or may not be a problem (a kind of moral hazard) depending on your perspective but it's not an argument about devaluation vs piecemeal austerity, it's

that may or may not be a problem (a kind of moral hazard) depending on your perspective but it's not an argument about devaluation vs piecemeal austerity, it's a separate issue. maybe that video explains it but i didn't have patience for more than a couple minutes of it. do you have a written argument?