Huge deficits reappeared.

Deficits are back with a vengeance.

In addition, governments need to run extra large deficits.

We have vast budget deficits.

But who will then be able and willing to run deficits?

Continuing budget deficits have visibly failed to deliver what die hard Keynesians had promised.

The Republicans under Bush have turned huge surpluses into terrifyingly large deficits.

A number of countries in the region still face important macroeconomic policy challenges such as large fiscal and current account deficits.

Is it because the Japanese government delayed action for too long before accepting budget deficits?

From an accountant s perspective, that makes it logical to label trade deficits as negative savings.

Why hasn't the IMF sternly criticized these deficits?

We need the liberal conscience, but without the chronic budget deficits.

First, America's deficits are certain to sop up vast amounts of the world's pool of savings.

Today, these deficits set new records by the month

Any political force that tries to curb the bidding by promising only what it can deliver is doomed to defeat.

Fiscal deficits in several new member countries will need to be reduced significantly.

He thought that Ronald Reagan had shown that fiscal deficits don t matter.

To be sure, the US government is increasing its budget deficits to put a floor under demand.

So in Argentina big government deficits are a law of nature, a fact of life.

Yet the US deficits have persisted, and even risen, since then.

The peripheral countries external deficits are falling rapidly, thus diminishing the need for foreign financing.

Within national income accounts, trade deficits represent the excess of a country s consumption over production.

Given Europe s fiscal deficits and the economic impact of reducing them, that is a huge potential prize.

Similarly, Spain ran persistent deficits in the sixteenth and seventeenth centuries, paid for by Andean silver.

Yet Keynesian solutions easy money and large budget deficits have also fallen far short of their promised results.

Indeed, only those countries that were running large current account deficits before the crisis were affected by it.

Similarly, Spain ran persistent deficits in the sixteenth and seventeenth centuries, paid for by Andean silver.

Low interest rates meant that deficits could be financed by floating bonds.

While government ran large deficits, the Bank of Japan kept the money supply tight.

It was believed at the time that formalized rules imposing mandatory limits on deficits, debt, and inflation would be enough.

Trade deficits reflect transactions between producers and buyers, and those transactions are the result of incentives and price signals.

With lower and more realistic growth forecasts, fiscal deficits in the short to medium term are viewed as more dangerous.

But Ireland and Spain had budget surpluses and low debt before the crisis, which quickly turned into large deficits and high debt. So now European leaders say that it is the current account deficits of the eurozone s member countries that must be kept in check.

In the eurozone, countries on the periphery needed currency weakness to reduce their external deficits and jump start growth.

The deficits are as much the fault of the surplus countries as they are of the deficit countries.

Of course, governments need to run deficits in depressions in order to stimulate demand and stem rising unemployment.

So now European leaders say that it is the current account deficits of the eurozone s member countries that must be kept in check.

The debt crisis erupted in many of the developing countries when foreign private creditors ceased to finance balance of payments deficits.

Will the United States ever face a bill for the string of massive trade deficits that it has been running for more than a decade?

To head off this possibility, the EU created the Stability and Growth Pact government deficits had to be less than 3 of GDP.

Back in 2010, he recalled, Greece and the UK faced fiscal deficits of more or less similar size (relative to GDP).

It was also true of the two Bretton Woods arrangements, in which the US ran the necessary deficits.

Meanwhile, unsustainable budget deficits and public debt in most advanced economies have severely limited the scope for further fiscal stimulus.

First, while we are still in a world of global deflation, large, monetized fiscal deficits are fueling concerns over medium term inflation.

Indeed, economies and markets no longer face liquidity problems, but rather credit and insolvency crises. Meanwhile, unsustainable budget deficits and public debt in most advanced economies have severely limited the scope for further fiscal stimulus.