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"On the borrowing side, if the interest rate is 5.3percentthenhen take as much as you can get, because the real rate is minus 4percentt," said Nicholas Lardy, a Chinese banking expert at the Institute for International Economics in Washington, in a telephone interview a few hours before the official announcement.
On the borrowing side, domestic institutions are awash with reserves from the Fed's asset purchases, and the FDIC's new capital requirements penalize them for holding reserves.
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Davy and Stephenson had worked independently, and there is no persuasive evidence of any kind of "borrowing" on either side in 1815.
So, there's a good side to borrowing as well as a bad side.
But there was model borrowing on both sides, as Christopher Benfey makes clear in The Great Wave: Gilded Age Misfits, Japanese Eccentrics and the Opening of Old Japan (Random House, $25.95).
The other side of borrowing money is lending it, and that is what the millions of people who have bought United States Treasuries have done.
In this case, borrowing from the customer side is instructive.
We need a third political movement in this country -- not today's ideological right or left, who pander to idiots, but a group of radical centrists who step past their initial ignorance, fear, and prejudice, and actually think through solutions to our problems, borrowing ideas from all sides.
Both belong to a post-ideological political era, liberally borrowing ideas from the rival side and resisting doctrinal constraints.
It is the flip side of United States borrowing.
On the positive side, you are borrowing your own money and paying yourself back with interest.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com