Do hard times equal good art?

Arts leaders warns harsh cuts will mean a cultural "blitzkrieg". But doesn't austerity bring punk rock and poetry?
Looks like all arguments for and against new business models and piracy have run their course. heh

..... In the meantime, here's a very interesting (and I think unbiased) article about austerity in art:
BBC News - Do hard times equal good art?

On first reading, I think I can agree with pretty much every line, even the Billy Bragg quote.

It's about how the Arts deal with a global financial crisis, but much of the text can directly relate to music industry discussions we've had here - government funding, poverty inspired creativity, the live scene and the post Simon Cowell music scene etc......