were balking
Past progressiveconjugation ofbalk.There are other translations for this conjugation.
Probably the fact that to have such an impact on the US economy, the quantity of money creation would have to constantly increase, which an increasingly number of people even in Federal Reserve circles were balking at doing.
Probablemente el hecho que para que produzca algún efecto en la economía estadounidense las cantidades de dinero creado deberían aumentar constantemente, lo que cada vez es más resistido por los círculos de la Reserva Federal.
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