Thursday, October 6, 2011

Private debt is the problem, yes.

Quoting the UK's Chancellor of the Exchequer, Bill Mitchell writes:

His classic line I thought was:

But borrowing too much is the cause of Britain’s problems, not the solution.

If he had been referring to the private domestic credit binge then I might have agreed.

Sometimes, important thoughts get lost in Billy's words. This one is worth saving.

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