[econjack]

Moreover, the other part of his master plan—to run surpluses during good times--has been almost totally ignored by election-driven politicians (are there any other kind?).

There...fixed.

[pierrem15]

Only allowed because the currencies are no longer backed by specie, which allows unlimited budget deficits and unlimited trade deficits.

When those deficits have to be paid for in bullion, you can't hide the devaluation of the currency that's occurring.

In this sense Nixon - who took the US off the gold standard- is father of this current mess.