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The reason for austerity's deep unpopularity isn't particularly complicated: It's not, on any level, working, except perhaps to give the Germans political room to negotiate (inadequate) bailouts. It hasn't stabilized borrowing costs for the endangered countries. It hasn't brightened growth prospects for the continent. And it's proving politically unsustainable, too, as countries vote in new governments who've promised to renegotiate the terms of the pact. If the euro zone is going to survive, it needs to try something new.

So what else could the euro zone do? My colleague Brad Plumer has compiled just such a list, and rather than summarize it, I'm going to let you read it in full. So here's Brad with five policies that various experts have suggested that the euro zone might consider instead, and one that no one wants:
WONKBOOK | Here are five policies that various experts have suggested that the euro zone might consider, and one that no one wants.
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Most of Europe has entered recession again. But people voted for these policies. The UK government, for example, was elected on an open platform of massive budget cuts, which they enacted almost immediately upon taking office. The UK economy is suffering right on schedule as predicted by economists who are not trickle-down types. Did the voters not understand what they were voting for?
I don't think the voters did understand what they were voting for - they were told this would help fix the problems, so they said sure. It even sounds intuitive - I have less money and have to cut back, so the government has to as well. The problem is that's the opposite of what a government should do, but it's difficult to expect the average voter to have a decent grasp of macroeconomics. The big problem is that there are still politicians pushing for more and more austerity, despite the fact that it's clearly causing a great deal of harm. Hopefully the voters have been paying attention and start making the right choices (as they seem to have started doing in France).
Mr. O'Neil you are spot on. Most citizens have no idea. They trust experts. If those experts are ideological then you are screwed. The Great Depression should have taught us all how to pull out of this.
Just read the article. Great read. I predict the Euro Zone to break up if any hardline positions are taken. If your people are starving and out of work as it is, why not just hit the reset button and pursue your own, though extremely painful solution. Nationalism will begin to muster. Avoid the fascists at all cost please.
We need to teach Macro Economics in high schools. Our citizens are woefully unprepared to participate in democratic society.
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