“…Many European countries are doing it tough as they try to rebuild their finances.
But the new “Age of Austerity” has limits, as Greek economics professor Yanis Varoufakis compellingly outlined this week.
Varoufakis is among those promoting the concept of “Ponzi Austerity” .
He believes austerity in individual economies can work well either “against the background of a healthy global economy or of internal Ponzi Growth”.
Unless these conditions are present – austerity simply results in more unsustainable debt being created.
The end result is collapse…”
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