Dick Cheney's deficits don't matter chart

Steve keen likes to compare Borrowmania across regions. The key to note is Cheney and Greenspan went on a bailout, borrow  and spend spree, and having the global currency they dragged much of the OECD with them.

Underneath was the global information revolution forcing global trade. Republicans, being mostly stupid, immediately respond with governemnt spending, not even thinking. Keynesian bailouts come natural to them.

Steve goes on to predict a year of painful delevering for Britain, big recession.