閒話短說，歐洲議會為「解決」歐元區債務問題作出了協議，發出了“STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA AND EU INSTITUTIONS” (via Paul Krugman)。其中提出了以下：
All euro area Member States will adhere strictly to the agreed fiscal targets, improve competitiveness and address macro-economic imbalances. Public deficits in all countries except those under a programme will be brought below 3% by 2013 at the latest.
OK, so we’re going to demand harsh austerity in the debt-crisis countries; and meanwhile, we’re also going to have austerity in the non-debt-crisis countries.
Plus, the ECB is raising rates.
So demand will be depressed in both crisis and non-crisis economies; this will lead to a vigorous recovery through … what?
The Serious People are determined to destroy all the advanced economies in the name of prudence.
1. Slash government spending in a depressed economy;
2. Reduce demand further by raising interest rates;