The eurozone is lighting at least $300 billion on fire annually

The eurozone is lighting at least $300 billion on fire annually

The eurozone depression is now officially worse than the Great Depression of the 1930s. What does that mean in concrete terms? One way of looking at it, courtesy of the British economist Simon Wren-Lewis, is in terms of the output gap. That's how much economic activity could be happening, but isn't, due to austerity and hard money. Here's a chart Wren-Lewis made, looking at the situation by country:

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