Wednesday, April 6, 2011

Edward Harrison Sees Depression In the Cards

Edward Harrison of Credit Writedowns is an Austrian schooler who has adopted the MMT monetary description. In A few brief comments on America's fiscal choices he reiterates his October, 2009 position that The recession is over but the depression has just begun, set forth in eight bullet points and commentary.

"I don't see the need to change any of these bullet points because the logic of that post is still operative. We are now at bullet points number 4-7 in this time series. Look at the budgetary debate in Washington as proof of point 4. Look at QE and the liquidity provided by the ECB and the BoJ and the increase in commodity prices as proof of point 5. Look at the imminent increase in rates in Europe as proof of point 6. Look at the unrest in the Middle East as proof of point 7."

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