Reminder: All Talk of Austerity Is Pure, Unadulterated Poppycock

The Zero Hedge people are saying what I have been saying for awhile - there is absolutely no such thing as "austerity" going on in Europe or anywhere else for that matter.  If words have any meaning, "austerity" is nowhere close to what is going on or even what is contemplated to go on in Europe.  What is going on in Europe is "ever so slightly less profligacy."  What is contemplated for Europe is "a return to only moderately profligate" or "as much profligacy as we can get away with, but less than the maximum our lenders will tolerate."