Yipee – austerity brings modernisation.

In case you had any doubts as to whether the lunatics have taken over the asylum, the New York Times cites some authoritative figures round Europe to the effect that austerity in Greece will bring modernisation.

Anyone with any ideas as to how mass unemployment and cutting social security benefits helps turn an inefficient transport system into an efficient one, please leave your suggestions below. I’m always happy to learn.

Hat tip to Econospeak.

Author: Ralph Musgrave - Ralphanomics

I wrote a book on unemployment recently with James Galbraith, and others. Galbraith is one of Obama's economic advisers. I love the different cultures that exist in this world. I took an interest in them long before the daft word 'multiculturalism' was widely used. I want to see these cultures preserved. I want to see Tibet staying Tibetan, and Britain staying British.

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