What’s interesting though, stripped of the jargon, what the experts are cautioning is that _now_ isn’t the time to quit borrowing money, because of the crisis, that was caused by, you guessed it - borrowing money. It’s kinda wacky.
Remember the commercial back in the 80’s about the guy who was justifying his use of cocaine?
“I do cocaine so I can I can work more hours and make more money. I use that money to buy more concaine, so I can work more hours and make more money, so I can buy more cocaine......”. something like that.
All the while the guy is spinning around in an ever tightening circle.
It’s kind of like trying to get off a bucking horse.No matter how you do it,there’s a good chance you’re going to get hurt.
"When you're in a hole, stop digging."
The only problem was that what he meant was: Europe is fragile and austerity is painful. Due to the crippling levels of debt in Europe, this was HARDLY the time to stop borrowing! Borrow more! Keep the economic engine running! Austerity is a hole! Stop that madness!
Amazingly backwards.