Daily Bell: Is austerity a workable solution?
Jim Rogers: Again, spending money you don't have is not a workable solution; eventually, you are going to run out of other people's money. Now, there's not really any austerity in Europe. When you look at the projections, every government in Europe shows higher deficits over the next year; nobody has real austerity. All of these countries are talking one thing but doing another thing. The debts continue to rise and that's not austerity.
Austerity can only work on a personal level. Powers that be spending everyone's money have no incentive to live lean. http://burndownthefreakingmission.com