You have to wonder how the IMF feels this morning. Well, they have already done their mea culpas to the world the other day, probably having found out days ago that their solution for the economic crisis in Europe wasn’t working. Not only wasn’t it working, it was having the exact opposite effect. It was actually harming the people. No growth is bad but contraction is worse.
Read about Monetary Sovereign Nations and MMT
How Austerity Is Increasingly Crushing Europe
Sam Ro | Jan. 25, 2013, 6:19 AM | 810 | 5
Earlier this month, private equity behemoth KKR published its outlook for 2013. Among their theses was the expectation that global inflation remains low as Europe continues to delever.
Henry McVey of KKR wrote about austerity in Europe and noted how fiscal austerity in the form of deficit reduction was slamming GDP growth: