t r u t h o u t | Our Acute Case of Fiscal Madness - 0 views
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thinkahol * on 01 Oct 10In a flurry of blind panic and irrational exuberance, organizations from the European Central Bank to the Organization for Economic Cooperation and Development suddenly abandoned everything we had learned, at a bitter cost, about economics during recessions and decided that fiscal austerity was the way to go while the world was in the depths of a slump - indeed, many claimed that spending cuts would actually be expansionary.