The Wonders and Magic of Austerity

[Zack Morris]

So are you under the impression there are no ill effects on any level of government debt?

There are, but the seriousness of these ill effects varies and is highly circumstantial. If you want to plunge the economy into a depression, you have to make the case that inaction would be worse, and your argument has to take into account the flexibility offered by modern monetary theory. Otherwise, nobody is going to take you seriously. If only you guys could perform this very simple task, you might be able to achieve your objectives for once.

[Mr. Perfect]

I don't know, according to Ammianus we are winning, ie austerity is in place everywhere and all we have negative to show for it is a really mild recession in GB. You may have to clear some things up with him.

[cdgt]

I'll give it a shot...

• Austerity: n. When your creditors turn off the spigot.
  
  • This works out well for the debtors, as they can then blame the consequences on their creditors.

[Marcus]

I'll give it a shot...

• Austerity: n. When your creditors turn off the spigot.
  • This works out well for the debtors, as they can then blame the consequences on their creditors.

"Neither a borrower nor a lender be . . . " —Shakespeare

"Owe no man anything . . " —St. Paul

"The borrower is slave to the lender . . " —Solomon

"Modern monetary policy" is a farce, a violation of common sense.