Germany also wanted things like wages indexed to inflation, higher retirement ages and borrowing limits, something that would prove very hard to sell to voters.
When the government spends in deficit during recessions, it is not borrowing cash to buy something it could not otherwise afford.
But everybody knows there is something wrong in borrowing money you know you will never be able to pay back.
Prior to that, though, the consumer had been on something of a borrowing diet, as the fourth quarter of 2008 saw consumer credit spending fall 3.2% versus the third quarter.
Mixing up the difference between the country's total accumulated debts and one year's additional borrowing (the deficit) is something politicians - and, yes, even senior BBC broadcasters - do depressingly often.
Ms. STILLWATER: In the meantime, I'm borrowing Army-issued Kevlar, and I have something to say about that.
The recession the Fed is trying so desperately to prevent must be allowed to run its course so that the economy that we have developed over the last decade, the one that is overly reliant on low interest rates, borrowing and consumer spending, can finally restructure itself into something healthier.
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We should have recognized that there was something perverse about the richest, most productive country in the world borrowing year after year from poorer countries.
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Or at least, something for everyone who takes an interest in the rise in government borrowing and who's to blame for it: People like George Osborne, for example, and Ed Balls.
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It was the linkage between something that Congress absolutely has to do -- which is extend the borrowing authority of the United States government -- to specific legislation that one-half of one body of Congress wanted passed.
And will the proposed integration of eurozone countries' tax, spending and borrowing policies be both effective and acceptable to citizens who still want national governments to count for something?
All that huge amount of government borrowing to pay for the war stopping, there should have been a plunge in aggregate demand and thus something between a recession and another Depression.
In the context of the ballooning borrowing requirements of the U.S. government, and the already easy monetary policies of Federal Reserve maybe something that could very well usher in a hyperinflationary event in America.
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Regarding the absurd Keynesian presumption that rising home prices increase borrowing that is spent in the private economy, for someone to borrow someone else must be saving, thus negating something that was never stimulative to begin with.
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