Shorter Michael Spence

The policy elites, in the developed world, are seized with a deficit mania that crowds out the reality of an unemployment crisis. This mania threatens the world's people with years of needless pain.

Read it here and get ready because our government is full of people who think like John Ibbotson.

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Welcome To Armageddon

This going to get really, really bad. Worse than it has to, because the assholes who are running the world see debt as a bigger problem than unemployment (largely, because they live off rents rather than salaries). So, we will have more cuts to government spending, leading to more unemployment, leading to less tax revenues and therefore more debt, leading to more cuts, leading to more unemployment and on and on and on, until these motherfuckers (out of self preservation if nothing else) get a clue, or until there is a revolution. The common people are going to be put through hell so that the ruling class can be cushioned from its own folly. My money is on revolution.

Update: Krugman has coined a new phrase, the "Downgrade Doom Loop", to describe the situation we are in. That just about covers it I think.

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