Re:Paul Krugman: The austerity delusion
by jstalin on Wednesday April 29, 2015 @01:39PM
(#9460098)
I'm sure the Greeks would be delighted to hear that more debt spending is the shot in the arm they've been looking for.
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He specifically calls out Greece as a special case. His comments are directed towards economies which are not like Greece.
Re:Paul Krugman: The austerity delusion
by pjkundert on Wednesday April 29, 2015 @02:20PM
(#9460508)
Ah. The trusty "No True Scottsman" fallacy...
No, it's not a "No True Scotsman" fallacy. Greece, crucially, does not print its own currency and there was no real lender of last resort available at the time.
It's been a trivial exercise for many years to point out that countries with even more debt than Greece are not going into debt crises for those exact reasons, with Japan as the almost canonical example with its still-low interest rates.