The elephant in the room in the ‘spending cuts' debate is the total lunacy which permeates it. The press hacks all seem to agree that a drastic cutback in public sector spending is not just inevitable, but highly desirable. A few months ago, the German Finance Minister railed against a rise in the level of public sector indebtedness "that will take a whole generation to work off."
More recently, Jean-Claude Trichet warned that EU countries must not accumulate more debts. In London, the...
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