Making Austerity Work
....Those who favor more government expenditures in the face of a public debt crisis suggest that the very same strategy that has led to the calamity would also be its solution. Yet the debt crisis as such cannot provide any rationale to borrow more. Indeed, the very fact that a debt crisis has shown up reveals that already too much debt has been already accumulated. In order to overcome a debt crisis, a stimulus for private business is needed instead of more public spending.