[familyop]

Thanks. The irony of AEP did go over my head then. I don’t know that gradualism in cutting spending will work, though, with politicians more concerned about the desires of large, non-producing constituent groups.

I’m not referring mainly to those on subsistence benefits, but rather many of those believed to keep us physically, mentally and environmentally safe (extraneous police, regulators, social workers,...), publicly educated and so on. Bureaucrats from top to bottom receive political newsletters.

[bruinbirdman]

"I don’t know that gradualism in cutting spending will work"

AEP says it won't work. But a gradual failure of the Eurozone will be isolated to EU. A mandated severe austerity will quickly crash not only EU but the world economy.

Perhaps a gradual weaning from socialist controls in U.S.A. is better than a politically initiated crash?

yitbos

[BooBoo1000]

I don't care what comes out of the Blowvation Machine, you cannot, repeat, cannot spend your way out of financial ruin. It is just like if you and I have maxed out all of our Credit Cards, then we get an application for a new Credit Card in the mail, we sign us and start to max it out paying our old Credit Cards. The only way we can survive is to declare Bankruptcy as a nation and start over. Which would be great, we would not owe anyone anything, and our new currency would be one of the strongest in the world.