“Where is the austerity? The cuts Keynesians are complaining about are mere reductions in increase. ‘Despite austerity rhetoric,’ wrote Frank Karsten, ‘government debts keep rising in most democratic countries. ‘Austerity’ is a code word for ‘spending less than we had wanted, but more than in the past.’ In the end, they wind up raising taxes, rather than lowering expenditures to cut deficits.’ As we reported last week, central banks around the world continue to cut their euro holdings for the third straight year. The Old World’s scrip now accounts for only 23.3% of foreign reserve holdings. If central banks are wary of euros… you should be as well.”
http://dailyreckoning.com/europe-continues-to-circle-the-drain/
Related posts:
Bond Bubble May Be Bursting Right Now
Gov. Standards Agency Suggests Dropping NSA-Influenced Algorithm
Merck Has Some Explaining To Do Over Its MMR Vaccine Claims
Beaten, Thrown in Solitary After Calling 911 To Help Crashed Bicyclist
Study Rejects Cell Phone Driving Danger Claims
Online gambling ban won’t stop online gambling, but will stop growth
When Killer Cops Get a Pass, There Are Consequences
‘Respect State Marijuana Laws Act’ Introduced In Congress
Match.com Founder: Fed Spyware Searching For Bitcoin Wallets
As Chinese Stocks Sink, Bankers Begging Friends For Deposits On WeChat
When in Rome
Canada to tax Bitcoin transactions
Who Really Whacked Tony Soprano
Why Silicon Valley (and Google) Loves Bitcoin
The Filibuster in Two Minutes