----------------- HES POSTING ----------------- 
 
Responding to Chas: 
 
Perhaps the causes of the Argentinian crisis are not in the debt itself but 
in how the money was used.  
 
If the money is used productively the debt can over time be brought under 
control. If it is not, it can never be.  
 
This aspect of the problem is overlooked and there is a fetishism about 
eliminating the fiscal deficit itself -- even if this is done by cutting 
outproductive expenditure. 
 
Where does this bias stem from? 
 
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