Monday, June 18, 2012

And How Was That Supposed To Work Again

Spain desperately needed austerity to lower its borrowing costs, so they promptly borrowed (well, announced ability to borrow) 100 billion more euros so that their banksters could light it on fire.

And people are surprised that this did not reduce borrowing costs?

Basically everything The Very Serious People propose, especially in the "giving free money to rich people" category, is taken seriously even if it makes no sense at all and is completely at odds with what they claim needs to be done.