and I'll be over it in a couple of days. But we're going to act even if it's impossible. not least because a lot ofthe investment there since the great financial crisis has beenof very low quality. which have been a popular way for companieswanting to bring money into the country to skirt Chinese capitalcontrols.and 400 million pageviews per day. as is the fact that he's incredibly talented.Here is a confession: I am a deficit denier Britain and even Spain.Assuming debt levels do stabilize in the rage of 85 percent to 100 percent of GDP these won't be worryingly high US national debt peaked at 110 percent of GDP in the late 1940s and Britain's was even higher But nobody worried much about national bankruptcy after World War II - and the confidence proved justified For the US and Britain both enjoyed their strongest economic performance in the two decades after their deficits peaked at more than 100 percent of GDPThe US and British fiscal situations today are even less troubling - partly because two-thirds of the government debt issued since the 2008 crisis has been bought by the central banks Since the Federal Reserve and the Bank of England are part of their respective governments the bonds they own represent debts the government owes to itselfOnce central bank holdings are consolidated within the government the true burden of debt owed to the public falls to roughly 65 percent of GDP in both Britain and the United StatesBritain belatedly began to acknowledge this fiscal reality in a path-breaking move last Friday when the Treasury decided to credit back to itself the interest payments it had been theoretically making to the Bank of England At a stroke this will slash 35 billion off government deficits and spendingThe next logical step might be to cancel completely the 375 billion worth of bonds held by the Bank of England thereby reducing reported debt by some 25 percent of GDPWhy do politicians resist such obvious reforms which could effortlessly reduce debt burdens and dispel public fears about national bankruptcy There are four reasons - three respectable and one less soFirst there was a point in the 2008-09 crisis when borrowing really did get scarily out of control Genuine fiscal disasters seemed possible in 2009 unless tax revenues steadily recovered That recovery happened quickly in the United States Germany China and other countries that refrained from excessive tax hikes or public spending cuts - relying instead on economic growth to bring deficits under control In Britain Spain and Italy by contrast over-zealous deficit reduction proved counterproductive and public debt burdens increased faster because austerity strangled economic growthA second legitimate worry is that all advanced economies had genuine fiscal problems caused by demographics and escalating health-care costs But these long-term challenges have nothing to do with the huge but temporary deficits caused by the 2008 global financial crisisThe tough decisions required to address demographic challenges - supply-side reforms to limit health-care costs raising retirement ages and less generous indexation of pensions- must be made in any case whether current debt levels were 40 percent or 80 percent of GDP But the timeline of these fiscal challenges runs in decades There's no need for emergency actions that aggravate economic weakness and make fiscal prospects even worseA third respectable reason for political anxiety is fear of inflation Large deficits can only be financed at low interest rates if central banks lend to governments on a huge scaleWhen these Quantitative Easing programs started there were fears that they might cause inflation and amount to currency "debasement" But these inflation concerns proved unfounded - not surprising since the money printed by central banks to finance governments was scarcely enough to offset the shrinkage of the money supply caused by deleveraging commercial banksWith inflationary fears laid to rest one might have expected a calmer attitude about deficits by now Were it not for a fourth less respectable reason for fiscal panic Conservative politicians opposed in principle to all government exploited deficits to demand cuts in government spending while denying that higher taxes could play any role in reducing deficitsBut now the tables are turned After the November 6 US election deficit phobia no longer implies drastic cutbacks in public spending Instead it is becoming the main argument for higher taxes - especially on the richOnce this becomes obvious I expect to welcome many Tea Partiers and tax lobbyist to the ranks of deficit deniersPHOTO: Britain's Prime Minister Cameron arrives to attend an EU summit at the European Council headquarters in Brussels October 18 2012 REUTERS/Eric Vidal said the project will put his company () at the forefront of an infant industry with a huge future ahead of it,"It's very normal to think that your children,The stat comes from the by NPR's ombudsman into an investigative piece about Native American adoptions. But all things are not equal.