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View Diary: Kristol memo reveals conservative mindset (89 comments)

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  •  I'm not sure that's true anymore (15+ / 0-)

    When conservatives in the EU justify their austerity policies, even after they've been shown the terrible damage they're doing, they just come back with "the state needs to be reduced". When the president of France balanced the budget with upper income tax increases, he was congratulated for balancing the budget, but attacked for not cutting spending instead. Even in Europe, deficits are just an excuse to attack what helps the middle class and poor. They're not as delusional as our conservatives, but mostly they're just not as far gone down the same road.

    •  Big difference, however, between the Euro (4+ / 0-)

      countries and the US, Britain, Japan, and others:

      The Euro countries gave up their monetary sovereignty, and now rent the Euro, which in effect is like using a foreign currency.  They no longer create their own currency, and owe their debts in a currency they no longer control.

      The US, on the other hand, creates dollars out of thin air, owes all it's obligations in it's own unit of account, and it's fiat currency has a floating exchange rate.

      So, the Euro countries are monetarily constrained in their spending.

      The US is not monetarily constrained in it's spending and can afford anything denominated in dollars.

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