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I am glad I read this comment before I read the piece, since at the outset one would think it was discussing current account deficits, but then it turns out it is discussing budget deficits.

It would seem that the main premise applies to whether a nation has a current account surplus aside from external interest rate reparation payments to German and other external Banks, since given the current depressed state of labor markets, nations with current account surpluses post default on external obligations can largely monetize their domestic government deficit.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Sep 26th, 2013 at 03:21:59 AM EST
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