Japan's growing debt could wreck the world economy

[Carl Remick]

>Carl Remick wrote:
>
>>This reminds me, what do the economists hereabouts think of Larry
>>Summers' argument in favor of budgetary austerity -- i.e., that it
>>is "reloading the fiscal cannon," as I believe he put it.
>
>Yeah, right. On the phone the other day, Max Sawicky quoted Ron
>Dellums saying something like in the 60s they told us we couldn't
>spend because of the war, in the 70s it was inflation, in the 80s it
>was the deficit.... And now we can't spend because of the surplus!
>There's always a good reason not to take from the rich and give to
>the poor; it just takes some imagination to come up with something
>appropriate to the times.
>
>Doug

This is called "reloading the bullshit blunderbuss," I believe.

Carl

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