Now..THAT’s what I’m talking about!
This piece by Amity Shlaes on Bloomberg is an interesting defense of austerity as a way out of recession, depression, it shows that historically austerity can work well and there is no reason to think that it will not work today. Given our problems this strengthens my feeling that austerity (and cutting gov’t and its entitlements sharply) is the way forward.
Every civilization carries the seeds of its own destruction, and the same cycle shows in them all. The Republic is born, flourishes, decays into plutocracy, and is captured by the shoemaker whom the mercenaries and millionaires make into a king. The people invent their oppressors, and the oppressors serve the function for which they are invented.
– Mark Twain in Eruption