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economics Uncategorized

Devaluation Is Austerity Done Right

Devaluation Is Austerity Done Right Currency devaluation is best understood not as an alternative to austerity, but as the correct way for a debt-burdened society to implement austerity. Why did Iceland recover and Ireland get worse? Iceland had a currency to debase. And they debased their currency enough to reset the economy and grow again. […]

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economics Uncategorized

Remember how Ireland’s vigorous recovery proved Keynesian economics — and smarty-pants Keynesian economists — wrong? (via The Irish Model Continues to Shine – NYTimes.com)