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A few years of economic growth will be spent just making good on the liabilities incurred in the process by the productive part of the economy.

Which means that even if we work well we'll feel poor - again, according to macro-statistics. It was already that way to a large extent for a majority of the population even though the macro statistics were looking good; now that things will be bad on aggregate, the question now will be the sharing of the pain during these bad times.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Mon Sep 15th, 2008 at 07:19:48 AM EST
[ Parent ]
Unless those liabilities are nullified by legislative act - which implies a nationalisation of the 'assets' side, that is, the credit institutions.

Don't hold your breath.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Mon Sep 15th, 2008 at 07:21:25 AM EST
[ Parent ]


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