The hidden Ponzi scheme

The debt is not, that is to say, to be regarded as a residual among quantities of economic policy…. Thus debt management can be regarded neither as something to be, as it were, left to the last and adjusted to all other policy decisions, nor on the other hand, as a consideration which should override all other policy decisions; it has to be integrated with a variety of measures in the pursuit of the broad aims of economic policy.

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