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A democracy that lives within its means is a democracy. A democracy that spends more than it takes in in tax revenue is a nation of beggar and debtors.

Only countries that live within their means can be democracies. A country that lives on borrowed money like the U.S. cannot control its own destiny. That is in the hands of the worldwide bond market.

— John T. Reed

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2011.03.07 Monday ACHK