Full text: Eurosclerosis

The budget deficit first rose in the 70s (after 1973)
as a consequence of the accumulation of ? savings
by the pension funds which had to be found a use.
In 1979 + Reagan added to this, first, a
structural deficit by cutting ? + increasing defense outlay
second, by increasing interest (from 1980)
through restriction from ? on   Volker 1979 Nov.
they increased the dollar from 1980 to 84/85
This created depression             this prepared the fall in
1980-1982                                  current account balance
                                                    from 1982 on

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