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I'm not talking about risk-taking.

I'm talking about simple rules of addition and subtraction telling you that if you make like the Spanish and run a public sector surplus in the face of an external deficit, you are pushing your private sector into a messy default.

I'm still not clear on how that's a more responsible sort of thing to do than to run a public sector deficit and then repudiate the public debt in an orderly manner.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Feb 17th, 2012 at 03:54:04 AM EST
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