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Downward Spiral
Claus Peter Ortlieb
To Krugman, the increasing "ideological blindness" of German politicians can only be explained by their belief "that hard times must be the necessary punishment for earlier excesses." That the hard times and excesses do not concern the same people is overlooked by Krugman. For more than thirty years, the world economy was only kept going by (state and private) contracted debts. An ever smaller part of the worldwide labor force is enough to produce for everyone. The struggle over competitiveness can only lead to a further downward spiral.

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