We're Going On A Bear Hunt

While the fiscal bears are rampaging across Europe, devouring costs wherever they can be found, the old bulls bellow that the planned austerity measures are dooming us to a vicious spiral of debt deflation:

"Leading the criticism is Nobel-winning economist Joseph Stiglitz, a former chief economist at the World Bank who now advises several governments and has warned against what he terms the "deficit fetishism" of the cost-cutters.

In an interview with French newspaper Le Monde this month, Stiglitz said that Europe "is facing disaster if it continues along this path.""

But disaster has already struck, let's face it. And the fiscal bulls borrowed and spent til there was no alternative but to reign in and restructure. With apologies to Michael Rosen:

We can’t go over it.

We can’t go under it.

We've gotta go through it!

Squelch, squelch, squelch

Image from Natureandkind.com