Daily Archives: August 6, 2012

Spain Proves that Austerity can never “Ensure” a Balanced Budget

By William K. Black
(Cross-posted from Benzinga.com)

The Wall Street Journal recently printed an economically incoherent and dishonest discussion of Spain’s budget deficit.  It begins its discussion with these paragraphs.

“Spain’s central government reported a new deterioration in its finances and struggled to impose budget discipline on the country’s restive regions as data showed a surge in capital flight from the euro zone’s fourth-largest economy.

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