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We in the industrialized world make a greater difference because our ecological footprint, our impact on the condition of the environment, is 40 to 50 times larger than that of people in the developing world. ↗
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A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic. ↗