The chronic debt problems, coupled with the political gridlock in the United States, have had a significant impact on confidence, and confidence is what we need to get and keep the global economy in motion.
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Xiaofen, a young legal secretary in the boom town of Zigong, hears bitter and desperate clients recount their tales of personal and commercial woe, but she has problems of her own: her live-in boyfriend is a drunk and a gambler whose chronic debt and jealous anger make her life hell.
The two sides remain ideologically opposed on how to reduce the nation's chronic federal deficits and debt.
Both sides acknowledge the need to reduce the nation's chronic federal deficits and debt, but they differ on the severity of the steps needed and how to make it happen.
Boehner and Republicans say the president and Democrats have yet to propose a serious plan to reduce spending, including costly entitlement programs, on a scale necessary to bring chronic federal deficits and debt under control.
But in the current economic climate, state investment in football clubs is not a high priority for many politicians as the central government in Madrid grapples with a spiralling national debt and chronic unemployment of over 25%.
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Facing an insistent Obama and pressure from some in his own party, Boehner already had conceded on higher tax rates for wealthy Americans as part of the broader talks on an agreement to reduce the nation's chronic federal deficits and debt.
He and the rest of the legislators will return Monday to work the congressional equivalent of overtime on reaching an agreement to reduce the nation's chronic federal deficits and debt by the end of the year -- less than three weeks away.
Here he shows how spending makes things more expensive, causes chronic inefficiencies and leads to more debt and financial bubbles.
It was (and is), for example, a chronic failure of international bank regulation that the debt of Italy, Spain, Germany and so on was classified by financial regulators as completely safe and without risk after monetary union - which gave an unhealthy incentive to banks to lend to these governments (in the jargon, the government bonds of these countries were given a zero risk-weighting).
At the same time, Brazil itself was going through major political and economic upheavals, with a new president and its government taking office under a debt crisis and the failure of Plano Cruzado to abate chronic inflation.
However, it would yield a chronic deflation that would produce high unemployment and would likely make long-term debt financing too risky (for both lender and borrower) to be undertaken.
One can only wipe out student loan debt in bankruptcy court under the most dire of circumstances (think terminal and chronic illnesses).
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