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Given the current budget deficit is ecpected to be c. 12% of GNP next year, not being able to borrow would mean a severe deflationary shock to the system - either by dramatic tax increases or expenditure reductions or both.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Nov 21st, 2010 at 12:38:27 PM EST
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