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Oh, We See Disaster
[Quote]:
The harsh-austerity countries did much worse than the OECD was expecting.
This is similar to the IMF’s exercise, which convinced its staff that fiscal multipliers are not just positive — contractionary policy is contractionary — but bigger than they thought. So the OECD was terribly, terribly wrong and gave awful advice. I wonder if they have learned anything from the experience.
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They learned that stupid, desparate people will take their advice and money irregardless of what it does to the 99%.