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06-28-2010, 08:47 PM #1
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The Economist "Rising Government Debt is a Ponzi Scheme
Monday, June 28, 2010
The Economist "Rising Government Debt is a Ponzi Scheme"
I am always pleasantly surprised when I find a mainstream media article that displays a healthy dose of common sense when it comes to fiscal stimulus and debt.
Philip Coggan's special report Repent at Leisure, in The Economist manages to do just that. http://www.economist.com/node/16397110
Like alcohol, a debt boom tends to induce euphoria. Traders and investors saw the asset-price rises it brought with it as proof of their brilliance; central banks and governments thought that rising markets and higher tax revenues attested to the soundness of their policies.
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