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{
    "id": 1259749,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1259749/?format=api",
    "text_counter": 139,
    "type": "speech",
    "speaker_name": "Kiharu, UDA",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": null,
    "content": "There is also the trap of over borrowing where Japan has over borrowed. Further, the interest rates are low and most of this debt is of course domestic. However, if you look at the books of the Japanese economy, they have had no real growth since 1994. For 30 years, their real GDP has remained at US$4.4 trillion. We do not want to get into that trap where you do not even have inflation but deflation. When a country starts having deflation, it is a worse territory than inflation because you tell the consumers to postpone their spending. When this happens generally that means that production goes lower. I do not think Kenya will be very safe. Lastly, is the example you cited about the USA. I want to say that they almost had a shut down the other day. They wanted to increase the debt which they succeed, but 70 per cent of the USA debt portfolio is internal, therefore, they are able to manage. Also, the greenback is their currency, a luxury that we do not have. With those many remarks, Hon. Temporary Speaker, I beg to reply."
}