The government borrows money and calls it growth. From Charles Hugh Smith at oftwominds.com:
Waste is not growth, and neither are the unlimited expansion of debt and speculative bubbles.
The financial punditry is whipping itself into a frenzy about a Federal Reserve “policy error,” which is code for “if the music finally stops, we’re doomed!” In other words, any policy which reduces the flow of juice sluicing through the sewage pipes of the financial system (credit, leverage and liquidity–the essential mechanisms of financialization and globalization) endangers the entire rickety, rotten structure of phantom wealth that’s enriched the few at the expense of the many.
The entire notion that central bank policy makes or breaks the economy is the original Policy Error #1. That is to say, whatever policy a central bank pursues is a policy error because every policy is an attempt to manipulate the self-organizing cycle of credit / economic expansion and contraction.
STRAIGHT LINE LOGIC 