When a crash occurs, governments will not have the fiscal capacity to buffer the crisis due to their already stretched borrowing levels.
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On the first point, although some tax increases will be needed to shore up fiscal capacity lost when revenue-raising financial services and property deals bit the dust, international experience argues that spending cuts, not tax rises, should bear the brunt.
The key focus of this consulting firm: to provide consulting and educational services to nonprofit organizations, and the funders who support them, focused on building fiscal management capacity and long term fiscal health.
Many of these countries, such as China, have the fiscal and monetary capacity to take actions to spur domestic demand and to help support global growth.
Russia's capacity to set and meet fiscal targets has not improved at all.
Fiscal profligacy is not just a collective capacity of Washington, some individual lawmakers share their part of the blame too.
Their economies have little spare capacity and no reason to keep monetary or fiscal policy at emergency settings.
Unless capacity growth has improved, it suggests that fiscal policy has been looser than previously thought, says Carl Emmerson of the Institute for Fiscal Studies.
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"What refining executive in their right fiscal mind would say, gee, we need to add refining capacity right now, " said Drevna at the refiners' association.
He said the US must now "do better to make clear our nation's will, capacity and commitment to work together to tackle our major fiscal and economic challenges".
It means that they want Washington to work in a way that helps the economy, helps it create jobs, and demonstrates the capacity of its leaders here to get America's fiscal house in order.
Obviously, the United States has the capacity, the will, and the commitment to tackle our major fiscal and economic challenges.
It did not set any fiscal targets for Argentina beyond 2004 and ventured no opinion on Argentina's capacity to repay its debts.
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