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Re: [Pen-l] Rogoff: Saving the system will cost one to two trillion dollars

> America will need a $1,000bn bail-out
> By Kenneth Rogoff
> Financial Times
> September 17 2008
>
snip
> A large expansion in debt will impose enormous fiscal costs on the US,
ultimately hitting growth through a combination of higher taxes and lower
spending. It will certainly make it harder for the US to maintain its
military dominance, which has been one of the linchpins of the dollar.<

it's interesting that Rogoff admits the role of US hegemony here. I
guess I shouldn't be surprised, since I heard him on the radio awhile
back saying that hyperinflation typically arises not from an
excessively increased money supply (which is just a symptom) but from
a government being unable to balance its budget due to domestic
conflicts...
-- 
Jim Devine / "Nobody told me there'd be days like these / Strange days
indeed -- most peculiar, mama." -- JL.
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