Bond Vigilantes Give Way to Budget Brigade Urging More Debt
- Central bankers among those calling for a budgetary boost
- Fed's Fischer calls it `a pity' fiscal policy is out of action
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Say good-bye to the bond vigilantes and hello to the budget brigade.
A passel of investors, academics and even central bankers are calling on governments to spend more and tax less to provide a budgetary boost to the struggling global economy. That’s a 180 degree turn from the bond vigilantes of yore who pressed for smaller deficits and less debt about a quarter century ago.