Why Europe's austerity experiment is doomed to fail

The bureaucrats in Brussels are convinced austerity will get Europe back on track. But comparing Greece’s experience to that of the US, it’s clear that these measures just compound the problem by forcing the private sector to deleverage further.

I’ve spent the past two weeks in Europe, with speaking engagements in Italy, Greece and Austria. This was my first visit to Greece, and my first chance to get an admittedly superficial tourist’s view of what a country with Great Depression levels of unemployment looks like.


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