Austerity Doesn't Work, vol 17652

PROSPERITY!

http://www.bloomberg.com/news/2012-08-13/imf-says-bailouts-iceland-style-hold-lessons-for-crisis-nations.html

The difference between Ireland and Iceland is more than a consonant and a stretch of frigid ocean.

Iceland avoided austerity and  - despite being the epicenter of the 2008 crash - has recovered nicely.  Meanwhile, the PIIGS are being savaged by the Austerians.

Stupid reality...Always gets in the way of the theory.