”We have been living on borrowed time. We used to think you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candor that that option no longer exists.”
- James Callaghan Prime Minister of Great Britain (Labor) in 1976 addressing the collapse of the British Pound resulting from massive deficit spending in an effort to stimulate the British economy.
Source.
Asad Rustom on the Patriarch Sylvester
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