The Europeans tried austerity, the act of reducing budget deficits, and they did not like it. It was no fun, so they decided to focus on growth instead. We have no idea what that means, but apparently they believe they can go back to the heydays when consumption had nothing to do with actual production….

The masses of frustrated people obviously discuss economics and try to discern the various sources responsible for the lackluster “recovery” and by extension their own plight. Having read newspapers and watched the evening news, maybe some of the “enlightened” laymen have even read Krugman`s column, they tend to form an opinion and often identify one…