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The Bad Logic Of Fiscal Austerity

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AGAINST MARKET RELIGOSITY
Paul Krugman is very much against allowing the markets to immediately force fiscal austerity. Why? "the demand "[It] is based on the assertion that markets will demand such austerity in the future, even though they shouldn’t, and show no sign of making any such demand now; and that if markets do lose faith in us, self-flagellation would restore that faith, even though that hasn’t actually worked anywhere else."
SOURCE:   New York Times

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