the virtues of austerity. the idea that government with large budget deficits must reduce these deficits mainly by cutting spending. if they don t get their budgets in order, they won t be able to borrow money and will face a fiscal nightmare of ever rising interest rates. the problem is that as governments have cut spending in very depressed economies, it has caused growth to slow even further. do you see government workers who have been fired tend to buy fewer goods than services. and all this means falling tax receipts and, thus, even bigger deficits. so economists like paul kreugman say abandon the austerity program, spend more and get budgets in order once the economy has recovered. the problem in the minds of kensians like kreugman is that european elites particularly in germany have embraced the wrong economic doctrine. i have to say i don t think europe s elites, especially other elites, have really embraced some alternate view of economics. most do understand that cu
then robert zoelik will step down as head of the world bank. his exit interview here on gps. next, we go to israel which has anointed a king. what in the world does it mean? and, finally, the curious case of the guy who has come to be known as american french fry brother. a cultural lost in translation all the way from china. you won t want to miss it. first, here s my take. everyone is looking at europe these days as economic and political protests mount across the continent. the downward spiral in europe has produced a great debate over the virtues of austerity. the idea that government with large budget deficits must reduce these deficits mainly by cutting spending. if they don t get their budgets in order, they won t be able to borrow money and will face a fiscal nightmare of ever rising interest rates. the problem is that as governments have cut spending in very depressed economies, it has caused growth to slow even further. do you see government workers who have