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Public Debt Dynamics of Europe and the U.S. by Dimitris N. Chorafas

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15

Ineptocracy and the New Policy of Grabbing

Deficit dynamics is a new discipline, and there is not enough research in this domain to document the breadth and depth of aftereffects when a financial system is run in an imprudent manner. Evidence accumulating from the last descent to the abyss however suggests that such a situation severely threatens the long-term prosperity of the country.

Therefore, it is rather difficult to understand how elected officials have left themselves with virtually no margin for error as they seek to navigate between short-term fiscal cliffs and an expanding longer term national debt crisis. This is precisely where ineptocracy has its heyday—a term derived from the words “inept” and “autocracy.”

Second-rate politicians ...

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