Thursday, August 03, 2006

Bankrupt

Its a bit over the top for my taste to make a show of describing one or another American foreign or domestic policy as 'morally bankrupt'. Turns out, though, that the term might be quite applicable in the erconomic classic sense. American fiscal policy may be so out of wack that the country is functionally no longer solvent in the long term, as argued here. The argument is not a new one exactly (doesn't Paul Krugman take this up somewhere?). Nonetheless, it's alarming reading.
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