Listen, Europe, all of those austerity policies the IMF shoved down the throats of poor African, Asian, and South American nations for three decades, they just don't work. Yes, yes, yes—the parents of the Chicago Boys had everyone fooled. Now drop the ideological garbage and get real. Indeed, this whole austerity nonsense is even freaking out Nouriel Roubini

(Bloomberg) — The European Central Bank should slash its benchmark interest rate to zero and expand government bond purchases to offset the recessionary effects of euro-area austerity measures, New York University economist Nouriel Roubini said.

“That has to be the policy mix: tight fiscal, but much more easy money, looser monetary policy, more quantitative easing and also a weakening of the euro,” said Roubini, who predicted the financial crisis, in an interview in Rome today.

“Going to zero alone is not going to be enough, it’s 100 basis points,” Roubini said. “They need to go to zero, they need to do more quantitative easing, they need to support dysfunctional markets, they need to signal that they are actually not uncomfortable with a weaker euro as long as that is a gradual and orderly process.”

Even if you have deep budget cuts, you still need to throw money into the system. Remember the difference between a capitalist and a miser? A miser is a capitalist who has gone mad.