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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: JohnM who wrote (139923)	6/29/2010 11:37:02 AM
From: Steve Lokness	Read Replies (2) \| Respond to of 541844

John says; Here is precisely what Krugman warns about in terms of the present clamor for austerity economic measures. From article; “The facts are that there is no easy way to cut deficits,” Prime Minister Brian Cowen said in an interview. “Those who claim there’s an easier way or a soft option — that’s not the real world.” Who is hurting in Europe? Those countries with the highest debt. That is a fact and I just don't understand why people can't understand that fact and continue to argue that somehow if lots of debt is bad that lots and lots of really big debt is good. From the article; “If you want to escape default, the Irish path is the only way to go. So default is better? Greece got in trouble because their debt was so high that they faced default and even suggestions by Krugman and others of the collapse of the EU! How anyone can suggest that what was needed instead was more debt - to stimulate just leaves me bewildered. How is collapse of your currency better than tightening your belts and removing inefficiencies?