What worries me is the herd mentality about it all.  Now every state is borrowing heavily to staunch the losses and provide stimulus - but if everybody is doing it - does that not simply devalue the currencies it is done in

Why would it? We (it should be obvious) are not at full employment of either labor or productive equipment ... more borrowing for more spending only devalues the purchasing power of money if it results in substantially higher prices ... however, if it primarily results in more production, then there's no loss of purchasing power.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.