Of course, Zero Hedge-endorsed success story Iceland jacked up its deficit spending 10% to 18% per year (Eek! A st_mul_s!), as its national debt shot up *above* the OECD average. Iceland simultaneously raised taxes and allowed the banks that sparked its troubles to collapse. Then in 2011, the government cut its spending, and Iceland's economy contracted. Guess there wasn't room for any of that in ZH's "three simple charts.""Now that the absolutely irrelevant debate over the applicability of the 90% debt/GDP Reinhart and Rogoff hard cutoff for sovereign growth is supposedly over due to an excel mistake of the type that JPMorgan did at least once to misrepresent its VaR both internally and to public shareholders (which to a large group of supposedly people is equivalent to supporting the notion that a record debt global conflagration can only be resolved with even more debt), perhaps the debate can shift to another question: why despite all the bickering and complaints, Europe never actually engaged in austerity, in spending or debt cuts, and that the primary reason the people's plight in the periphery worsened in the past three years is nothing more or less than gross political and governing incompetence?"Jeez, Zero Hedge. How about a little LESS austerity with your punctuation?Good to hear that the revelation about cooked data promoting fiscal policy is an "absolutely irrelevant debate." With literally the first words of the fauxsterity column and its first example each being crap, we can safely "fauxget" about this "fauxmulaic," "godfauxsaken" effort.
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