{"id":1905,"date":"2011-11-15T16:13:30","date_gmt":"2011-11-15T21:13:30","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1905"},"modified":"2011-11-15T16:13:30","modified_gmt":"2011-11-15T21:13:30","slug":"economonitor-economonitor-the-triumph-of-austerity-and-its-consequences","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/","title":{"rendered":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)"},"content":{"rendered":"<p>FT reports:<\/p>\n<blockquote><p>The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial Times that only politicians could resolve the crisis, and he rejected the idea of using the ECB as \u201clender of last resort\u201d to governments.<\/p><\/blockquote>\n<p>We\u2019ve seen this movie before. Higher rates after a severe debt-deflation recession are burdensome, perhaps economically fatal. Hiding behind the excuse that we must fight inflation NOW requires a grand dismissal of economic history. There are times to impose austerity and don the hawkish posture, but there are times when that\u2019s exactly wrong. This is one of those times, particularly for Europe.<\/p>\n<p>via <a href=\"http:\/\/www.economonitor.com\/blog\/2011\/11\/the-triumph-of-austerity-and-its-consequences\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=the-triumph-of-austerity-and-its-consequences\">EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT reports: The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial Times that only politicians could &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[526,962,1169,1295,2831],"class_list":["post-1905","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-bundesbank","tag-debt-crisis","tag-ecb","tag-euro-zone","tag-quantitative-easing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences) - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences) - the patient investor\" \/>\n<meta property=\"og:description\" content=\"FT reports: The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. Bundesbank president Jens Weidmann told the Financial Times that only politicians could &hellip; Continue reading &quot;EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-15T21:13:30+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)\",\"datePublished\":\"2011-11-15T21:13:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/\"},\"wordCount\":158,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"Bundesbank\",\"debt crisis\",\"ECB\",\"euro-zone\",\"quantitative easing\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/\",\"name\":\"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences) - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-11-15T21:13:30+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/11\\\/15\\\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences) - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences) - the patient investor","og_description":"FT reports: The president of Germany\u2019s powerful Bundesbank has firmly rebuffed international demands for decisive intervention in the bond markets by the European Central Bank to combat the eurozone debt crisis, warning that such steps would add to instability by violating European law. 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He signalled full backing for the bond rescue plan of ECB chief Mario Draghi, brushing aside\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2295,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/economonitor-economonitor-solving-americas-debt-crisis\/","url_meta":{"origin":1905,"position":1},"title":"Menzie Chinn \u00bb \u201cSolving America\u2019s Debt Crisis\u201d","author":"ColinTwiggs","date":"November 23, 2011","format":false,"excerpt":"In principle, solving the nation\u2019s debt problems is easy. Almost all experts agree that a combination of reduced spending and increased tax revenues is needed. Cuts in spending and increases in tax revenues equal to about 5 percent of GDP are required to prevent an increase in the debt-to-GDP ratio.\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7544,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/24\/debunking-austerity-claims-makes-no-difference-to-europes-monks-and-zealots-telegraph-blogs\/","url_meta":{"origin":1905,"position":2},"title":"Debunking austerity claims makes no difference to Europe&#8217;s monks and zealots | Telegraph Blogs","author":"ColinTwiggs","date":"April 24, 2013","format":false,"excerpt":"Ambrose Evans-Pritchard attacks euro-zone austerity: Britain's public debt was 260pc of GDP in 1816 at the end of near perma-wars: Seven Years War, American War of Independence, and the Napoleonic Wars. This was whittled down to 24pc over the next century by the magical compound effects of economic growth. The\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4395,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/05\/19\/economonitor-economonitor-europes-depressing-prospects-two-reasons-why-spain-will-leave-the-euro\/","url_meta":{"origin":1905,"position":3},"title":"EconoMonitor : EconoMonitor \u00bb Europe\u2019s Depressing Prospects: Two Reasons Why Spain Will Leave the Euro","author":"Colin Twiggs","date":"May 19, 2012","format":false,"excerpt":"Michael Pettis: I think Spain [and all the peripheral European countries are similarly uncompetitive] will leave the euro because it seems to me that the country has already started on the self-reinforcing downward spiral that leads to a crisis, and there is no one big enough to reverse the spiral.\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4652,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/18\/ecbs-nowotny-cautions-against-single-minded-austerity-real-time-economics-wsj\/","url_meta":{"origin":1905,"position":4},"title":"ECB\u2019s Nowotny Cautions Against \u2018Single-Minded\u2019 Austerity &#8211; Real Time Economics &#8211; WSJ","author":"Colin Twiggs","date":"June 18, 2012","format":false,"excerpt":"\u201cThe single-minded concentration on austerity policy (in the 1930s) led to mass unemployment, a breakdown of democratic systems and, at the end, to the catastrophe of Nazism,\u201d said Ewald Nowotny [Austria\u2019s central bank governor and member of ECB governing council] at a financial conference in Vienna. He added that central\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3882,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/19\/economonitor-economonitor-all-feasts-must-come-to-an-end-chinas-debt-investment-fuelled-growth-part-1\/","url_meta":{"origin":1905,"position":5},"title":"EconoMonitor \u00bb All Feasts Must Come to an End: China\u2019s Debt &#038; Investment Fuelled Growth","author":"Colin Twiggs","date":"March 19, 2012","format":false,"excerpt":"Satyajit Das: New lending by Chinese banks in 2009 and 2010 was around 40% of GDP. New bank loans in 2009 and 2010 totalled around $1.1-1.4 trillion, an increase from $740 billion in 2008. Total outstanding loans in the economy have jumped by nearly 50 per cent over the past\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1905"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1905\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}