Marc Faber : look, I have to laugh each time people talk about austerity. the fact is in 2000, up to 2011, government spending in the euro zone has risen by 76%. where is the austerity? government spending as a percent of the economy has grown from 44% to 49 there has been no austerity. government spending continues to increase and it is suggested to be financed by higher taxes. higher taxes gives more money to the bureaucrats so they can install more regulatory bodies to hamper businesses and harm business developments.