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My mistake in conflating these two:

marco:

Migeru: Apparently the accepted way to run the public finances is to continuously roll over debt. This is what Minsky called speculative finance (borrowing to pay principal, paying interest out of revenue).

As you pointed out here, too.

These are not the same.

As explained in Wikipedia.

The point is not to be right, but to get to right.

by marco on Mon Apr 19th, 2010 at 03:04:57 AM EST
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