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  Howard - I am not in favour of running a deficit personally but the context of the economic cycle is essential for the point being made in that graph otherwise it is meaningless. Now, if you look at what I am saying as a monetarist, I am agreeing that it was not a wise thing to do.
  
  Our problem is that too many of the establishment have been beguiled by Keynes theories that provides them justification for running deficits while then ignoring the other inconvenient half of Keynes dictum, the bit about balancing the current account.
  
  No answer to my question then Keith?

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