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Austerity: Not Just How Much but How

If you listen to those on the political left, you will think that the ongoing meltdown in the euro zone proves that spending cuts are driving the world into another Great Depression. Paul Krugman called the fiscal retrenchment “criminal folly,&rd…

The Greek Tragedy Continues

Those of us who wish that the euro be brought to an end before too many people get hurt are likely to be disappointed, because European politicians refuse to admit defeat.
Greece now stands on the brink of a sovereign default. Over the last few months,…

Greece’s Overdue Default

Greek prime minister George Papandreou’s announcement that the country will hold a referendum on the European rescue deal came as an unpleasant surprise to many. Jean-Claude Juncker, chairman of an informal group of European finance ministers, is…