--- Gary Santos <evs@info.com.ph> wrote:
> Randy,
>
> Warren sent me a reply separately with some comments
> and I still have to
> digest some of his points.
>
> Basically, I can not accept the position that fiscal
> deficits and, for that
> matter, current account deficits can be sustained
> indefinitely. I understand
> the logic that Warren has provided and, if I may
> state it as I understand
> it, the sustainability is contingent on keeping
> interest rates low, very low
> in fact. Otherwise, interest payments will then
> start to be a burden.
I'm afraid you are still missing the point.
Warren
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Received on Thu Feb 13 08:32:48 2003
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