McBride on McCulley

I've been reading former PIMCO managing director Paul McCulley for years (great insights). The following piece discusses the current liquidity trap and the failure of austerity in Europe:"Fiscal austerity does not work in a liquidity trap and makes as much sense as putting an anorexic on a diet."

Read it at Calculated Risk
McCulley: Monetary and Fiscal policy must be "irresponsible" in a liquidity trap
by CalculatedRisk