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As far as I understand the [US] states and local governments have almost offset the federal stimulus with their balanced budgets requirements. and the resulting fiscal austerity.

And yet they are still doing measurably better than the Troika.

In other words, the Troika confidence fairie performs worse than a placebo stimulus.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Feb 18th, 2012 at 12:45:30 PM EST
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