15/08/07 18:07:41.96 axEIiAwj.net
>>169の続き
The basic story of the European periphery --- not just Greece --- is one of
a poisonous interaction between Friedman and Fisher, which has produced
incredible suffering while failing to reduce the debt/GDP ratio, which even
in star pupils like Ireland and Spain is far higher than when austerity began;
the only success has been in suffering long enough so that some growth has
finally resumed, and they can call it vindication.
The bizarreness of the whole thing is how flaky, speculative ideas like
expansionary austerity became orthodoxy, while applying the economics of
Fisher and Friedman became heterodoxy bordering on Chavismo.