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This produced an illusory boom, but the infusion of capital had only boosted consumption or was wasted on nearly bankrupt state industries--or disappeared into the pockets of corrupt officials.
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If easy credit was the illusory benefit of the banking boom, then patriotic pride was the collective fantasy of the imperial boom.
Similarly unpopular and similarly vindicated were his articles insisting that resistance in Iraq and Afghanistan would be ferocious, that PFI would be ruinously expensive and inefficient, that the "end to boom and bust" was illusory, and that the riots of 2011 were largely a rational, political act.
The additional returns achieved during the boom turn out to be illusory.Martin Leibowitz of Morgan Stanley has analysed the characteristics of endowment portfolios over the past ten years.
The collapse in productivity followed the end of the North Sea oil boom, the crash that exposed big banks' illusory gains, and short-termist vandalism wreaked upon research budgets.
It is easy now to dismiss the rise in living standards in the "Celtic Tiger" years as illusory, particularly as Ireland enjoyed house-price and credit booms that were big even by British standards.
Officials also have encouraged an astonishing urbanization boom that has made environmental gains seem modest, if not illusory.
Bruegel's conclusion on Spain is that in the early going the fund was too slow to warn that tax revenue stemming from the real estate boom, and the budget surpluses they produced for Madrid, were illusory.
Quick solutions are illusory.
Boom! Boom!
The casualness is illusory.
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CEO of Professional Science Editing for Scientists @ prosciediting.com