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I'd imagine it's like saying HOLY SHITSKITTLES or any other exaggeration meant for humor. Only in this case it's avoiding the obvious word normally used. I would say it has no real dictionary meaning, since it's a made up word to begin with.
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We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.
-Winston Churchill
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