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It would be a drastic political change because this monetary standard makes the government's fiscal errors instantly visible.
And many older German citizens expect an answer to the question of why they should have to pay for the economic and fiscal errors of some of their neighbours in the form of cuts to their own social security systems.
He and his advisers were fully prepared for a sharp recession as the necessary price that had to be paid for the monetary and fiscal errors of the past.
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At a time when Nassau County has enormous deficits to address, there is even less room for fiscal error.
By reinsuring more mortgages, the government would take on more risk, but the bean-counters at the Congressional Budget Office (CBO) put the explicit subsidy at about $1.7 billion over five years a fiscal rounding error rather than a reckless handout.
Major fiscal and monetary errors based on bad economic ideas are to blame.
Even if local debts are understated, China has fiscal room for error.
On 5 January 2013, I headlined, at businessinsider, "The IMF Admits It Was Wrong About Keynesianism," and I linked there to the new "IMF Working Paper" from their chief economist Olivier Blanchard with Daniel Leigh, titled "Growth Forecast Errors and Fiscal Multipliers".
Contrast Japan, which had numerous fiscal-stimulus packages in the 1990s, but failed to emerge from its slump until its debt problem was finally dealt with, with South Korea in 1997, which spent 13% of GDP on a large, speedy bank-rescue package.The fiscal costs of that error can be enormous.
Their manifesto discusses what Krugman believes are the errors of recent fiscal policies and offers points of clarification regarding the economic crisis, including its causes, nature and appropriate responses.
In requesting $87 billion from Congress for next year to keep trying to stabilize Iraq and get a start on reconstruction, President Bush has acknowledged the error, setting off fiscal and political aftershocks that could be substantial.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com