“Its not just the European assumptions that are crumbling its the whole Keynesian edifice on which they rest. All those men who think think of themselves as practical but are in fact slaves to some long defunct economist are now finding that their belief system is in ruins. You cannot spend your way to growth. You cannot increase consumption without producing something at least not in the long term. And you cannot debase a currency without consequences and you cannot keep borrowing forever. And if you try to do those things what happens? You are about to find out.”  – Daniel Hannan MEP for southeast England

Sounds like an urgent message for Obama and congress.

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