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Debt which was justified on the basis of the economic environment at the time of issue may cease to be justified at some point in the future.

Debt becomes bad when it becomes clear that future earnings will not retrospectively validate the valuations made at issue.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Feb 4th, 2011 at 08:38:31 AM EST
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