[inflector]

Merkel is right in this: “the turmoil can’t be resolved without cutting debt,” but wrong in thinking that this debt can be cut by imposing austerity.

No, it’s going to have to come from haircuts on the debt itself. Killing the economy only makes things worse.

It really seems like these ideologues are living in an alternate universe. How can it not be obvious that the path the present is counterproductive?

[Author]

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