3 ms·

I think they did? At the cost of very slow recovery, which I think is the problem with austerity measures.

• nradov 1mo ago
  Austerity is not a "problem", it's simply the only remaining option when you run out of other people's money.
  • iknowstuff 1mo ago
    Countries can inflate their debt away at the cost of eroding savings and new borrowing becoming more expensive, no? https://www.statbureau.org/en/greece/inflation-charts-yearly https://www.statbureau.org/en/greece/inflation-charts-yearly
    • nradov 1mo ago
      Countries can't push that approach very far before new borrowing doesn't just become more expensive, it becomes effectively impossible.
    • realityking 1mo ago
      Countries with poor credit struggle to issue debt in their own currency. Being able to inflate your debts away is a privilege of the rich.
  • imtringued 1mo ago
    This is a very strange perspective when the simplest solution is to introduce a demurrage euro for automatic equilibrium in the Eurozone. I know you permanent money people are keen on a dog eat dog world where you trust no one and see everyone around you as a competitor to defeat.