After seeing this graph do we still need to talk about fiscal restrictions? Those who tighten their budget right now are meant to experience larger output losses. Wow, amazing obviousness.

Europe wake up. This nightmare has to end.

But Italy, stubborn to the point of masochism, tomorrow will approve raising the marginal  tax rate on middle incomes.

At least spend it on goods, services, works. No way. It will use it to reduce the public debt.  Sad story.