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A state with its own currency doesn't even need to issue debt. Running a large unfunded deficit probably has some drawbacks, but I suspect they are similar in nature to the unconstrained money creation by the financial sector that prevailed before the crisis.

Von überall könnte das Volk, Urbrut alles Undemokratischen, Zelle des Terrors, über die gewählten Hüter von Wachstum und Wohlstand® kommen. - flatter
by generic on Tue Apr 13th, 2010 at 04:45:34 AM EST
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