Column: Nick Chamie

In an effort to buffer their economies from the worst economic downturn since the Great Depression, developed nation governments are preparing to embark on an enormous fiscal expansion in 2009 and beyond. Recent announcements of looming fiscal stimulus packages by various governments in North America, Western Europe and Japan have varied in size from 1% to 3% of GDP.

Of particular note, the anticipated $750 billion to $1 trillion US stimulus package could equate to a hefty 7% of GDP in 2009 (to

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