austerity (Photo credit: 401(K) 2012)
Five years into an economic depression of epic proportions, one would have thought that the Greek government should be raising serious doubts as to whether the oft-repeated troika recipe of severe fiscal austerity is going to produce any different economic results this time around. And one would also have thought that the time has long since passed for the Greek government to start seriously exploring alternatives to a policy approach that offers the country the bleakest of prospects of many more years of a deepening economic depression and extraordinarily high unemployment.
The U.S. Example
Normally, in the midst of a deep economic slump, countries follow countercyclical policies to extricate themselves from the slump and to avoid a downward deflationary economic spiral. They do so by some combination of fiscal policy stimulus, interest rate reduction, and exchange rate depreciation.
full article at source: http://finance.yahoo.com/blogs/the-exchange/time-greece-bring-back-drachma-173957240.html
- A Plea for Grexit (fairobserver.com)
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About machholz
I started this Blog to get out of my system the absolute rage that I have for the corrupt politicians and their Banker Buddies. I’m an ordinary guy, married with kids, and have firm opinions of what is right and what is wrong. I’m not afraid to say it even when it makes me unpopular.
I reproduce news all manner of articles, but will always confirm the source of the articles; this is a compliment to the source of such news pieces. But if you do not agree with this and you are the original author, I will take down any article when requested to do so. I do not assume that the author of the news articles share with my views, I include news articles to give readers another slant to my views or to illustrate what the mainstream news media say on the relevant topic.
The opinions expressed are my own but I do not accept liability for them, If I have offended you or made a factual error please put on record the truth by leaving a comment.
In addition, my thoughts and opinions change from time to time...I consider this a necessary consequence of having an open mind. This weblog is intended to provide a semi-permanent point in time snapshot and manifestation of the various memes running around my brain, and as such any thoughts and opinions expressed within out-of-date posts may not the same, nor even similar, to those I may hold today.
For the record I am currently an Independent political activist and am not affiliated to any political party
