Financial markets have not yet punished Mr Brown for the loss of fiscal credibility.
ECONOMIST: Gordon Brown's past imprudence is catching up with him
You can hear the Chancellor now, explaining how damaging this might be for the UK's hard-won fiscal credibility.
The story asserts, in the excerpt below, that Clinton had fiscal credibility because he imposed a tax increase in 1993.
FORBES: GOP Wins First Skirmish in Budget Fight, But Shutdown Battle Still Looms
Mr Papandreou wants to avoid direct confrontation with his trade union supporters, but the need to re-establish fiscal credibility ought to have come first.
By and large, though, these tools for fiscal credibility have been less well developed, less widely adopted and generally less effective than their monetary equivalents.
They are so keen to get new infrastructure projects up and running, they say they're using the government's "hard won fiscal credibility" to make it happen.
Netanyahu has been under pressure from Israel's central bank to maintain fiscal credibility at a time when the economy is slowing and tax revenues are falling short.
Obama, who has overseen an expansion in spending, does not have the fiscal credibility that helped give President Bill Clinton the winning political hand in 1995 and 1996.
FORBES: GOP Wins First Skirmish in Budget Fight, But Shutdown Battle Still Looms
More recently profligate countries in the euro zone have hidden behind German fiscal credibility and low interest rates to build a way of life that they could not afford, and which the Greek debt crisis blew apart a few months ago.
Its aim is to give to fiscal policy the same credibility that the independence of the Bank of England is meant to bring to monetary policy.
Unfortunately, after having been in the majority for twelve years with nothing to show on the cost-cutting side, those Republicans who do advocate for fiscal prudence have little credibility with the voters.
FORBES: Spending Is Choking Us And Tax Cuts Are No Heimlich Maneuver
He said the government must demonstrate a commitment to fiscal rehabilitation to boost the credibility of government bonds.
But politicians could go a long way towards building credibility for their fiscal decisions by copying more of the tricks of modern monetary policy.
European officials are now debating whether they can make fiscal targets more flexible without losing credibility, and without giving governments a licence to break the rules.
I'm not sure they have a lot of credibility when it comes to fiscal responsibility.
Though it does not threaten the credibility of the euro, fiscal policy will still pose Mr Trichet some vexed questions.
By drifting into the realm of fiscal policy and allocating credit, the Fed has lost credibility.
Asia also has more qualitative political and institutional characteristics such as improved central bank credibility, maturing political institutions and seemingly more sound fiscal policies than most of the West, the BlackRock Investor Institute says.
It would be a bipartisan effort based on fiscal responsibility -- and a courageous bit of political judo that would help him close the growing credibility gap with independents.
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