("We must play our parts duly, but as the part of a borrowed personage").
So, now, expect to hear ever more about the structural deficit – the part of the borrowing that supposedly won't be eradicated by higher tax revenues as the economy revives.
Despite all this red ink, the OBR says the Chancellor is still on course to meet the main requirement of his self-imposed fiscal mandate, which is to eliminate the structural deficit – the part of the borrowing that will not go away when growth returns – over a five-year horizon.
The crank is likely to call for an editor: the collection's second poem, for instance, "A Well Is a Mine: A Good Belongs to Me," may well be comprised (in large part) of borrowed language, but it is also wincingly self-indulgent in its over-performance of contemporary political hypocrisies.
The higher borrowing costs and reduced asset creation on the part of companies that usually borrow from MMMFs will have the same effect.
This implies that the problem has mainly been a lack of demand for credit – reluctance on the part of businesses and households to borrow on almost any terms in a flat market.
Foreseeing a large downturn in borrowing on the part of large companies, Shilling maintains that increased savings rates both by consumers and by corporations will knock a full percentage point off real GDP growth.
The frenzy was financed with huge borrowing on the part of Irish banks, largely from banks in other European nations.
It would be financed by more borrowing on the part of a state that already has debts of over 200% of GDP.Japan's big-business lobby, Keidanren, is underwhelmed by all this.
Low rates in turn encouraged reckless borrowing on the part of Greek banks, companies, households and the Greek government.
