Summary: Suddenly everybody has got financial religion. End the deficits! Pay down the debt! Increase saving! What does this mean for our future? My guess: not much. Except to delay necessary action. This post has some exaggeration for emphasis. Bad news for the faithful: saving is not like chastity or fidelity. Every young girl can be chaste. …
Summary: Third in a series looking at the future of the US and global economy. The earlier chapters are , Hidden truths about the state of the US economy and What lies ahead for the US economy? the global economy? Consider three scenarios: good, blah, and bad. Here’s the bad. Slowing US and global economic activity as the …
Some thoughts on the political effects of a long recession Read More »
Summary: We’re living in an time of deja vu. Our Af-Pak War repeats the mistakes of Vietnam; Europe’s economic policy repeats mistakes of the 1930’s. Slow and stupid are the two sins God always punishes. (1) Mark Thoma (Prof economics, U Oregon) coined a term for the advocates of austerity now (i.e., increase savings during a recession; they …
Keynes comments on our new-found love of austerity Read More »
