Photograph by Milos Bicansky/Getty Images ilpost.it
By this point, there should be no debate: Austerity has been a failure, shrinking economies and making it ever harder for indebted countries to repay their debts.
[T]he economics of austerity have played out exactly according to script — the Keynesian script, that is, not the austerian script. Again and again, “responsible” technocrats induce their nations to accept the bitter austerity medicine; again and again, they fail to deliver results.
[...]It really is like medieval medicine, where you bled patients to treat their ailments, and when the bleeding made them sicker, you bled them even more.
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