{"id":7544,"date":"2013-04-24T18:33:30","date_gmt":"2013-04-24T22:33:30","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7544"},"modified":"2013-04-24T18:33:30","modified_gmt":"2013-04-24T22:33:30","slug":"debunking-austerity-claims-makes-no-difference-to-europes-monks-and-zealots-telegraph-blogs","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/24\/debunking-austerity-claims-makes-no-difference-to-europes-monks-and-zealots-telegraph-blogs\/","title":{"rendered":"Debunking austerity claims makes no difference to Europe&#8217;s monks and zealots | Telegraph Blogs"},"content":{"rendered":"<p>Ambrose Evans-Pritchard attacks euro-zone austerity:<\/p>\n<blockquote><p>Britain&#8217;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 debt reached 220pc in 1945, the price for defeating fascism. This was certainly a drag on the post-War recovery, but it did not stop debt falling to 36pc by the mid-1990s.<\/p><\/blockquote>\n<p>Britain twice recovered from massive debt through a combination of growth and inflation &#8212; not necessarily in that order &#8212; but they had control of their own currency. The states of Europe are strait-jacketed by a currency dominated by the austerity-minded Bundesbank.<\/p>\n<p>Read more at <a href='http:\/\/blogs.telegraph.co.uk\/finance\/ambroseevans-pritchard\/100024122\/debunking-austerity-claims-makes-no-difference-to-europes-monks-and-zealots\/'>Debunking austerity claims makes no difference to Europe&#039;s monks and zealots \u2013 Telegraph Blogs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ambrose Evans-Pritchard attacks euro-zone austerity: Britain&#8217;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 debt reached 220pc in 1945, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/24\/debunking-austerity-claims-makes-no-difference-to-europes-monks-and-zealots-telegraph-blogs\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Debunking austerity claims makes no difference to Europe&#8217;s monks and zealots | Telegraph Blogs&#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":[45,33],"tags":[289,2808],"class_list":["post-7544","post","type-post","status-publish","format-standard","hentry","category-debt-levels","category-uk-europe-countries-regions","tag-austerity","tag-public-debt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Debunking austerity claims makes no difference to Europe&#039;s monks and zealots | Telegraph Blogs - 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=\"Debunking austerity claims makes no difference to Europe&#039;s monks and zealots | Telegraph Blogs - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Ambrose Evans-Pritchard attacks euro-zone austerity: Britain&#8217;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. 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David Cameron's austerity measures have also not saved the UK from falling back into recession. So why is Wayne Swan in Australia so proud of his balanced budget? And\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":1560,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/25\/stimulus-spending-austerity-and-public-debt-james-galbraith\/","url_meta":{"origin":7544,"position":1},"title":"Stimulus spending, austerity and public debt: James Galbraith","author":"ColinTwiggs","date":"October 25, 2011","format":false,"excerpt":"Prof. James Galbraith on fiscal stimulus and public debt: [gigya src=\"http:\/\/d.yimg.com\/nl\/techticker\/site\/player.swf\" width=\"576\" height=\"324\" quality=\"high\" wmode=\"transparent\" allowFullScreen=\"true\" flashVars=\"vid=27057059&browseCarouselUI=hide&\"] Agree: Fiscal stimulus should not be a short-term program that will run out. The term should be 10 to 20 years so that business can make long-term plans. Stimulus spending should focus on\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":292,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/17\/uk-austerity-bites\/","url_meta":{"origin":7544,"position":2},"title":"UK austerity bites","author":"ColinTwiggs","date":"August 17, 2011","format":false,"excerpt":"UK bank lending to households jumped slightly in June 2011, but the annual rate of change remains negative at -3%. Commercial loans continue to shrink at an annual rate of 7.5%, signaling a dearth of new investment and job creation by the private sector.","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":1905,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/15\/economonitor-economonitor-the-triumph-of-austerity-and-its-consequences\/","url_meta":{"origin":7544,"position":3},"title":"EconoMonitor : EconoMonitor \u00bb The Triumph of Austerity (and its Consequences)","author":"ColinTwiggs","date":"November 15, 2011","format":false,"excerpt":"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\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":1872,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/12\/italy-approves-strict-austerity-measures-nytimes-com\/","url_meta":{"origin":7544,"position":4},"title":"Italy Approves Strict Austerity Measures &#8211; NYTimes.com","author":"ColinTwiggs","date":"November 12, 2011","format":false,"excerpt":"The austerity measures approved by [Italian] Parliament include selling state assets and increasing the retirement age to 67 from 65 by 2026. They would decrease the power of professional guilds, privatize municipal services and offer tax breaks to companies that hire young workers. via Italy Approves Strict Austerity Measures -\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":7544,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7544","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=7544"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7544\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}