Via Truthout: Paul Krugman | In Europe, a Lesson in Contrasts

Paul Krugman, Krugman & Co.: "It is strangely comforting to see that the United States is not alone as it struggles in its morass of failed fiscal policy.... Before the financial crisis hit, Ireland's and Spain's revenues were buoyed by immense real estate bubbles. When the bubbles burst, both governments found themselves on the hook for massive losses.... While both Ireland and Spain enacted strict fiscal austerity programs to curb bloated budget deficits during their recent sovereign debt crises, Ireland's economy appears to have fared substantially worse."

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