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The US has had average current account deficits exceeding our average growth rate over the business cycle since the 1990's ... and one useful thing about jumping up and down about the nominal dollar value of the government debt is that it distracts attention from the deficit that is a far more serious long term threat to economic stability.
I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
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