In today’s Shenzhen Daily there is a story about the G20 players pledging to halve their deficits in 3 years. In no place in the article was how they would do this mentioned. What does this mean? Simple. There will be no spending cuts.

 There will be tax increases and more borrowing. Every citizen in the G20 needs to bend over and spread ’em. The government is going deficit cutting.

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