http://krugman-in-wonderland.blogspot.co.uk/2012/06/krugman-solves-another-mystery-and.html
A great post that lays out the basics of the Austrian argument for austerity.
Excellent post. I wonder if Krugman would agree with the statement: "money is fiction." Bernanke has already come out and said gold is not money, so I think he would agree with that statement also.
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your 7 time champion, Link.