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This is an inter­est­ing argu­ment. I need to think about it more.

Words of wis­dom

Aus­ter­i­ty is the result of coun­tries’ demo­c­ra­t­ic deci­sions to wait until the last minute before act­ing, under the pres­sure of the mar­kets, main­ly by rais­ing tax­es rather than imple­ment­ing long-wait­ed …