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The Grass Isn’t Greener

News last month showed that the Eurozone countries had a bad second quarter of economic growth. For the three-month period that ended in June, the Eurozone economies grew at 0.0%. Germany, the largest economy in that group, shrank by 0.2%, and Italy, the third largest, fell back into recession. While initially there was much celebration that Germany’s work-sharing schemes prevented the massive job losses experienced in the United States, Germany’s tepid fiscal response, and weak accommodation by the European Central Bank (ECB) to the global downturn of 2008, have meant Europe continues to flounder. This should be a real lesson that austerity is not a better proscription than the policies pursued in the United States.

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