Unfortunately for the U. S., this bastion of common sense thinking emanates from across the pond, as described by Bloomberg.com in Trichet Urges EU Governments to Tame Deficits to Boost Growth:
European Central Bank President Jean- Claude Trichet pressed governments to trim their budget deficits, saying such action would boost economic growth by improving confidence of consumers and investors.
“We are in a period where we have to manage budgets very tightly,” Trichet told journalists in Aix-en-Provence, France. “I have no problem with austerity, rigor. I call this good budgetary management.”
Take that, Dr. Krugman and all you who derisively use the term "austerian" to denigrate Austrian economics.
Happy 4th! It's good to see what used to be good old American ordinary thinking somewhere on the globe. Now it's time to free Americans from the Merchants of Debt.
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