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And on the one hand, burning through money to paper over insolvency of financial institutions undermines the political and public finance position to pursue sufficiently aggressive fiscal stimulus, and on the other hand, it is vital to have a banking systam that can accommodate the credit demand of credit-worth borrowers if the recession bottoms out. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
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