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In step one, massive borrowing funds stimulus and bailout programs.
A decade of massive borrowing for reconstruction has turned Lebanon into the world's most indebted country.
Such massive borrowing is what got Greece, Portugal, Spain, Italy and other countries into their current massive crises.
Jobs are most at risk in manufacturing, which has been badly wounded by the Asian economic crisis.Spending has also been financed by massive borrowing.
A few weeks later, Mr. Meehan said he was "hopeful that we will reach an agreement that stops our massive borrowing and reckless spending without risking a default".
"Unless we move boldly and quickly, the promise of Social Security to retirees cannot be met without eventual resort to benefit cuts, tax increases or massive borrowing.
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Instead, the economy has been kept going by a further bout of consumer borrowing and by massive government borrowing, pushing the total budget deficit to 5% of GDP.
Regular readers of this blog know that I make a big deal of the failure of interest rates to rise despite massive government borrowing.
Unlike Japanese politicians in recent decades, Ishibashi didn't rely on massive government borrowing and spending.
But sustained massive government borrowing could cause interest rates to rise and force widespread bankruptcies throughout the private sector.
This essay considers whether it would be morally acceptable for a nation to use massive intergenerational borrowing to pursue a no-growth policy, under which the anticipated standard of living of members of future generations would be no higher than the standard of living of members of the present generation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com