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Even after the successful 1996 stock offering, he pleaded for austerity, the documents show.
With European leaders unable to come up with a concrete plan until now and Greek politicians balking at calls for austerity, the picture for Europe's banks has been growing dimmer by the week.
Both ends of the intellectual case for austerity — the claim that spending cuts are actually expansionary and the claim that terrible things happen when debt rises even if interest rates are low — have collapsed.
After a period, not that long ago, when the TaxPayers' Alliance was the only national voice pressing for austerity, the Conservatives and Liberal Democrats now acknowledge too much was spent and too much taxed.
Stuff is happening: the Fed bungled its communications, doing its bit to undermine modest economic progress; the European Commission is sorta kinda relaxing its demands for austerity; the Bank of England appears to have issued forward guidance that it's going to issue forward guidance; and so on.
Marking the latest stage in its shift away from support for austerity, the OECD criticised the over-reliance on monetary policy – low interest rates and the money-creation process known as quantitative easing – and urged that countries adopt a more balanced approach.
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As Keynes insisted, the time for austerity is the boom not the bust.
In Finland, which like the Netherlands had been among the loudest in calling for austerity in the peripheral countries, the economy shrank in the quarter.
The Greeks have lost their stomach for austerity, and the rest of the euro zone has lost its patience with Athens over broken promises.
"The boom, not the slump, is the right time for austerity at the Treasury".
Does anyone remember, as Paul Krugman points out, that John Maynard Keynes wrote this: "The boom, not the slump, is the right time for austerity at the Treasury".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com