Nicely done analysis by Jefferies on the debate going on in Europe, with the IMF squaring off against Germany on the appropriateness of austerity. While the IMF econ types are fairly good, the policies they actually impose have not often resulted in growth. So they know a thing or two about the problems with austerity. Short piece with some very interesting graphs, showing us that austerity is makling things worse in the short term. "The saying goes that ‚he who pays the bills, makes the rules‛. The irony of course is that, for now, Germany continues to try to make the rules on fiscal discipline without actually wanting to pay the Eurobond bill."