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Paul Wallace, European economics editor for The Economist, discusses the contraction in the UK economy and how it's playing into the debate over spending versus austerity measures.
Your framing of this is wrong Brian, Britain is not cutting to prosperity, its cutting to maintain its solvency and currency. Something we all innately know about but conveniently forget when it comes to governments. Growth based on a "credit card" is an illusion, as we have all just experienced. Compounding the problem with more debt does little to help, again as we are finding now.
I hope the subject of interest at the Davos meeting of the World Economic Forum last week comes up, what all attending seemed to recognize as "the incipient sovereign crisis"...
I blogged on it based on a Bloomberg summary of the proceedings, fyi http://synapse9.com/blog/2011/02/08/the-very-same-script-pulled-from-the-drawer/
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