Meanwhile, by buying Treasury bonds, Asian central banks are subsidising American borrowing costs, encouraging more consumer profligacy, and so allowing the current-account deficit to get even bigger.
"Now there will be more fiscal profligacy in Europe, more political fractures and ultimately the possibility that some countries might want to leave the euro zone," said Joachim Fels, an economist at Morgan Stanley.
Cicero, for one, openly called Mark Antony a "public prostitute," concluding, "but let us say no more of your profligacy and debauchery".
Immediate fiscal contraction led to greater profligacy and more pain ahead.
Mr Bush has yet to veto one.Ronald Reagan wouldn'tThe real reasons for the profligacy are more depressing.
A country can prosper only by encouraging people to save and to spend no more than they earn; profligacy (and even worse, borrowing) was her road to perdition.
A country can prosper only by encouraging people to save and to spend no more than they earn; profligacy (and, even worse, borrowing) were her road to perdition.
In other words, we see another example of the way in which the Greek government's profligacy was more symptomatic of the economy's troubles than a principal cause of them.There may be a bright side here for Greece.
More damning was the profligacy, that familiar failure to capitalise on dominance which had undermined Hodgson's charges against Italy in Manaus in the opening fixture of the 2014 World Cup.
Both sectors have to adapt a new business model that involves less profligacy and more strategy -- politicians can't just throw taxpayer money at problems, creating one program after another, and then say they fixed it; and overpaid CEOs can't placate shareholders by just laying off workers and then call that "creative management".
