Can't someone buy this fellow a new attaché case? This is greatest example of closing the barn door after the horse is out making the problems ever more serious.
Jim
Britain's budget chief took the wraps off his "unavoidable budget" Tuesday -- an austere spending plan that raises taxes and cuts spending as it attempts to help the government slash its $1.3 trillion debt.
Jim,
No. Austerity means no new attaché cases.
Absolutely agree. Balancing budgets in the Great Depression accomplished nothing. As long as the US remained on the gold standard, the US could not decrease the value of its labor and assets, thus, attracting capital. It is the attraction of capital the restarts the economy. Forcing austerity in Britain, as you say, will only make things worse. The best options are print and devalue because the value of the British Pound (money) is too high.
Eric
Source: cnn.com
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