Re:Japan's Abe is the world's best leader right now?
by ekianjo on Monday June 16, 2014 @08:52AM
(#7898739)
> The fact that you invented a new definition of austerity used only by you changes nothing.
The fact that Economists invented a new definition to pass fake deficit cuts for real careful spending changes nothing.
The actual definition of the word, man: http://www.merriam-webster.com/dictionary/austerity
"a situation in which there is not much money and it is spent only on things that are necessary"
Yeah, Japan spends ONLY on things that are necessary. Building dams, renovating administration buildings from scratch right after the 3.11 Earthquake is damn necessary.
Seriously, buy a dictionary. They are cheap.
"In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions."
https://en.wikipedia.org/wiki/Austerity
The fact that you invented a new definition of austerity used only by you changes nothing.
Japan has been practicing austerity for decades because many among the government erroneously believe (like you) that a government's capacity to borrow in a currency it prints is limited and will some day reach a limit.