'NICE' (non-inflationary constant expansion) is so last decade. Now we face 'DRAG' (deficit reduction and anaemic growth)
"It's tempting to treat the current crisis as simply another of the mini-problems that punctuated the 1982-2007 upswing, but this is different from the stock market crash of 1987, the US savings and loans debacle of the 80s, the mild recession of the early 90s or any of the crashes in emerging markets during the 90s. All the previous crises could be alleviated by cheap money policies to create a bit more debt or shrugged off as peripheral events. This crisis is different; it has gone to the heart of the global economy, it has left the financial sector in a zombie-like state, and it has caused the same sort of existential crisis for the Chicago school of economists as stagflation caused for Keynesians in the 70s."
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