They needed to produce a plan to limit the region's debt accumulation over the long run.
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The history of the last 30 years is a history of debt accumulation.
But in reality, deflation is the free-market approach to rectify a secular period of superfluous money supply growth, debt accumulation and asset price appreciation.
Even the 10 year Treasury at a yield of 1.50% or 1.85% or 2% looks to be a bubble since the Fed itself is acquiring two-thirds of the newly marketed government debt alongside accumulation from pension funds, insurance companies, clearing houses and family offices.
What matters is not the amount of new debt this year, but the accumulation of debt.
The way the US Government or really any government lessens its debt burden is by enlarging its GDP while restraining the accumulation of debt.
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The debt is the accumulation of the annual deficits, year after year.
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In fact, by retiring part of the public debt, it strengthens our economy in exactly the same way that reducing the budget deficit, and avoiding the accumulation of debt, has helped the economy over the last six years.
The primary reason for this crisis is not the euro but the accumulation of debt globally.
Too many college students here at the University of Pittsburgh and elsewhere are worrying about the rising cost of their tuition, and the increasing accumulation of debt.
There was rapid accumulation of debt in 1998, in the aftermath of the Asian financial crisis, and then again as expected in 2009, following the global financial crisis.
The expansionary monetary policies pursued by Japan as well as the U.S. and European nations have thus far not been accompanied by fiscal reforms required to halt deficits and the accumulation of debt, or the fundamental structural reforms required in labor and capital markets to restore long term economic growth.
There was massive inflation in asset prices, especially in commercial and residential property, and a hideous and dangerous explosion of the accumulation of debt: an analysis by McKinsey, which I've mentioned here many times before, shows that the aggregate of household, business, government and bank debt increased from less than 200% of GDP in 1987 to a record 500% of GDP in 2008, and hasn't really fallen since.
The U.S. government still owed trillions of dollars to investors who hold U.S. Treasury bonds (the national debt, which is the accumulation of years of budget deficits).
Growth is undoubtedly fragile, given the risks of a worse downturn in the world economy (as the chancellor emphasised), and the worryingly rapid accumulation of personal debt that has helped to buoy consumption (which he neglected to mention).
By telling U.S. taxpayers, and the world in general, that the U.S. government has no intention of ever balancing its budget or limiting its accumulation of unsustainable debt, then perhaps we can begin to have an honest discussion about our economic future.
The second-generation triumvirate have pulled this off by emulating Larry Tisch's strengths: picking undervalued properties, avoiding debt and caring more about cash accumulation than net income.
The rapid and unfettered accumulation of short-term debt was one major factor that contributed to last year's meltdown.
At some point, the accumulation of non-payable debt could lead to a banking crisis, or even economic collapse.
The common tipping point was an accumulation of foreign-currency debt combined with devaluation.
More likely, the continued accumulation of unsustainable levels of debt under the Ryan plan will eventually cause our creditors to lose confidence in our ability to repay.
Sadly, nations generally discover the truth of Albert Einstein's dictum that compound interest is the most powerful force in the universe not through the happy accumulation of wealth but through the agonizing enslavement of debt.
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