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Friday, April 24, 2009

Starving the beast

I've long expected tax receipts to go down, but the speed with which government revenues have declined is jaw-dropping. Now this decline won't necessarily affect anything, since the government funds itself by borrowing the money that the Fed is printing and this just means it might have to borrow more money in order to make payments on the interest. But, it is another indicator that change of a drastic sort is could be coming sooner than anyone expects.

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