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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> extropy-chat [mailto:extropy-chat-bounces@lists.extropy.org] <b>On Behalf Of </b>William Flynn Wallace<br><br><b><o:p></o:p></b></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>>…</span></b><span style='font-size:13.5pt;font-family:"Arial",sans-serif;color:#222222'>Here is a Nobel prize winner writing on it. If you understand it, explain it to me, please?</span><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p><div><div><div><div><p class=MsoNormal><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'><o:p> </o:p></span></p></div><div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'></span><span style='font-size:13.5pt;font-family:"Arial",sans-serif;color:#222222'><a href="http://www.nytimes.com/2015/08/21/opinion/paul-krugman-debt-is-good-for-the-economy.html?_r=0">http://www.nytimes.com/2015/08/21/opinion/paul-krugman-debt-is-good-for-the-economy.html?_r=0</a></span><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'><o:p></o:p></span></p></blockquote><div><p class=MsoNormal><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222'>bill w <o:p></o:p></span></p></div></div></div></div></div><div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>Hi BillW,<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>I sure can explain it to you. If an entity continues to spend more than it takes in, and does it long enough, that entity will eventually go bust.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>We can let our PhDs argue over how long it will take, but eventually the day will come. The faster we borrow, the sooner that day. The more we have borrowed when that day arrives, the more catastrophic the result.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>Any questions?<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>spike<o:p></o:p></span></p></div></div></body></html>