Consumer credit (keeps coming back to fiscal)
Once there are no more private savings to borrow and - credibly - invest ... then what?
Go back to spending & distributed investment of future public currency credits not yet partially clawed back, aka, "fiat" - or public initiative?
Or, persist in borrowing accumulated demand leakages ..... and hope to generate compound growth of a currency supply, while simultaneously constraining that supply?
We've done both before, with differing results.
Decisions, decisions. ...... will the next one be rational & honest, or fanciful & deceitful?
1 comment:
Right. I.e. the economic damage done by the “anti-fiscalists” (Rogoff, Reinhart and politicians) is of catastrophic proportions: vastly more than the economic damage done at Hiroshima and Nagasaki in 1945.
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