Mark Hubbard calls out Bernard Hickey for yet another childish swipe at efforts by governments, however lack-lustre, to either repay or avoid further debt--to both of which Big-Govt Bernie is apparently opposed.
In Bernard’s item number one this morning], looking at the continuing train wreck of Greece, he says:
“…the debt debacle is getting even worse in Greece, forcing the Germans to think about
stumping up yet more money.
“The austerity medicine is clearly not working.”
Really? It took Greece, and all the other Keynesian basket-cases, sixty and seventy years of irresponsible government spending to [reach their current position of indebted servitude]. In the face of such long term insanity, who seriously believes that just one year of austerity was going to change anything!?
Thinking that sixty or seventy years of over-spending can be fixed by one year (or even ten) of (true) austerity, is the sort of childish emoting that got the West in to this mess in the first instance.