It was always unrealistic to suppose that a massive fiscal tightening could leave out welfare, given that it makes up 28% of total spending.
The massive Volcker tightening in late 1979 through April 1980 only resulted in a correction to the market, not a bear market.
Massive fiscal tightening was ultimately inevitable.
"That, I have to say, is nonsense," he said, tightening his massive hands into claws for emphasis.
The third challenge will be to respond to such inflationary pressures without resorting to massive doses of monetary tightening in addition to the one already in effect, while those adjustments in relative prices (exchange rate and regulated prices) happen.
"There is a massive operation to tighten down the screws," charged Luis Felipe Bravo Mena, the chairman of Mr. Fox's party.
Companies that experience severe economic crunches often make drastic changes in many directions at once: trimming product lines, closing offices, making massive personnel and budget cuts, and tightening managerial controls.
The yen's appreciation in the late 1980s was not accompanied by domestic monetary tightening and therefore invited massive capital inflows a policy mistake that China should avoid.
Host countries are struggling to cope with the massive influx of needy refugees, and borders are tightening.
Troubles in the U.S. housing market have led to massive write-downs in banks across the world, as a tightening of credit conditions is expected to affect the spending of businesses and individual consumers.
