Lust, being the most powerful of insatiable cravings, is sublimated into all excessive behaviour aimed at material gain, at the expense of others, thus creating the conditions for depression, be they in an emotional or monetary sense.
With economies performing so poorly, fiscal as well as monetary relaxation would make sense, but the pact acts as a fiscal straitjacket.
German interest rates really need to be lower, but since this is not possible under Europe's single monetary policy, common sense would argue that Germany should allow fiscal policy to be more flexible.
What we ended up with, in a sense, was the monetary version of our national obesity epidemic.
Kerry said that there needs to be a sense of security and an agreement with the International Monetary Fund to help jump-start the economy.
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That so long as a state of general unemployment prevails, in the sense that unused resources of all kinds exist, monetary expansion can be only beneficial, few people will deny.
And if the price is unbearably large, would it make sense for Spain to request a bailout from the International Monetary Fund or the eurozone's European Financial Stability Facility (EFSF) or both?
Since December 2008, the U.S. has, in a sense, no longer had fractional reserve banking, because the monetary base has been greater than M1.
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Several leaders, such as German Chancellor Gerhard Schroeder, showed a commendable sense of urgency by demanding that reform of the world's monetary system be decided in time for the June summit of G7 industrialized nations.
In that sense, it should be asked if the Fed's supposedly easy monetary policies are in fact fostering a "tight" market for capital.
Unless common sense kills the stability pact, Europe will have to rely largely on further monetary easing.
There is concern in the sense that this divergent economy poses a problem for the policy makers, namely the Monetary Policy Committee at the Bank of England.
It would make more sense for the Treasury to be involved, and to separate more clearly the role of fiscal and monetary policy, but, in the current state of play, this is a minor wrinkle.
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