The recipe often includes trade liberalization, independent central banks, more effective and less profligate governments, privatization of state assets, and investment in health and education.

A persistent critic of profligate government, he now has his chance to trim the deficit.

Already, it is planning to issue more debt than Gordon Brown's supposedly profligate government was planning to issue.

What profligate governments so far have precisely refused to accept are ANY limits on 'public borrowing and public spending'.

Far more importantly, once the ECB has bailed-out profligate governments once, the same countries will over-borrow all over again a few years down the line.

Most of these nations are paying debt service on loans from decades ago, when irresponsible lenders pushed profligate governments to borrow.

Fiscal conservatives holler that profligate local governments must show more restraint.

It may also appeal to the wealthier class of creditors, who prefer low inflation and the higher probability of payback on their government securities by less profligate governments.

GOLD and silver have provided a reality check for profligate governments as far back as ancient Rome.

We have enough problems in our own country without contributing to correcting the errors made by other profligate governments.