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We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

Paul Krugman
Running, Government, Debt
"Paul Krugman: 'I'm sick of being Cassandra. I'd like to win for once'" by Decca Aitkenhead, www.theguardian.com. June 3, 2012.
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.