Except that Ireland and Spain were not deficit spending when the financial companies tanked - and are now devastated economies running deficits... and doing so for the reasons described above.
Sorry, but empirical evidence proves you wrong immediately.
We should learn from countries that are devastating themselves by desperately clinging to failed, disproved "free market" ideologies - that is true. We have to see once and for all how clearly bad the policies are and take steps that have succeeded in the past.
Oh, by the way, sovereign countries don't have credit cards. It doesn't work anything like that - especially in a liquidity trap.
You have a lot of learning and clue-purchasing to do to catch up... get on with it.
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