Germany, the incarnation of austerity, which achieves a budget surplus year after year, is still growing apace….
Even Spain and Portugal, initially in situations similar to that in Greece, are once more getting back on their feet after five years of anti-Keynesian, pro-cyclical austerity policy. To say nothing of Ireland, which is now providing the best example of how to reinvent its economic miracle through cuts.
Greece, under the Tsipras/Varoufakis tandem, is the only country to hold firmly to the Keynesian dogma of overcoming crises through public spending. Failing an unexpected turnaround on the part of these two clowns, we may soon see just how successful this policy of pure Keynesianism is. We’re now witnessing the biggest historical defeat of Keynesian thought.
Source: Drieu Godefridi, La Libre Belgique, April 1