A Keynesian Recipe for the Global Crisis

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A household that owes more money than it can easily repay needs to cut back on spending. But when a government does that, output and incomes decline, unemployment increases and the ability to repay may actually decrease. What is true for a family is not true for a country. Finance is a means to an end, not an end in itself. It is supposed to serve the interests of the rest of society, not the other way around.

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