Hooked on credit


Looking at government debt this way is a calculation that was first put forward by France’s Institut Molinari — the point being to make the difference between revenue taken in and expenses paid out simple and clear. As commentator Matthew Lynn pointed out in Britain’s Telegraph, using that method, you can see clearly how European central governments are exhausting their revenues. France ran out of cash and began living on borrowed money on Nov. 7.

L’Institut économique Molinari

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