4 ms·
He may have used a lot of caps, but his points ring true: after two decades of deflation and low growth, I find it utterly surprising that people keep arguing f
by nona 12y ago
He may have used a lot of caps, but his points ring true: after two decades of deflation and low growth, I find it utterly surprising that people keep arguing for a certain, continued pain in the present, to stave off some potential future pain.
Pretty much what Europe has been doing since 2009, by the way - maybe I don't see the full picture with my limited understanding of economics, but it kinda sounds crazy to me.
- Pitarou 12y agoI'm not actually arguing for much at all. (Note to crdoconner: if you really want to attack me, I'm wide open on that flank.) But I believe that the best way forwards starts with an honest acceptance of our situation now. And our situation is that a lot of chickens are coming home to roost. I think the deflation and low growth are structural problems. Japan can't really stomach the creative-destruction necessary for a capitalist economy to thrive, and so on. I'm sure you've heard it before. nl thinks that, if we can just hold it together for a bit longer, something will turn up. And maybe nl is right. Maybe, next week, someone will discover a wonderful new technology that will usher in 20 years of miraculous economic growth, and we'll all be saved. But I'm not counting on it.