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Economists have long recognized that financing deficits through 
debt-monetization leads to hyperinflation and financing deficits by 
borrowing leads to an onerous public debt. Argentina's government ran up a 
huge foreign debt, much of it denominated in dollars no less, as a means of 
financing its fiscal pump-priming and destroyed its economy as a result. 
This knowledge is probably as old as economics itself. 
 
Chas 
 
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