"The market demanding that implicit “support” become an explicit "obligation," and, as a consequence, off-balance sheet guarantees turning into real on-balance sheet liabilities."←これは見落としていた。
When you borrow money to invest in non-productive assets, you get short-term gain at the expense of long-term loss. The crowding-out effect will make sure that we don't have capital to invest when we really need it to invest in real production.
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