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14 November 2013

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Ian Jenkins

..... former US Treasury boss Larry Summers has recently suggested the West has an economy whose normal condition is one of inadequate demand. Anything close to full employment will only be achieved if governments create bubbles - a cause of the financial collapse on 2008.

Paul Krugman reports this, and the consequence that central bankers need to stop talking about “exit strategies.” Easy money should, and probably will, be with us for a very long time. More broadly, if our economy has a persistent tendency toward depression, we’re going to be living under the looking-glass rules of depression economics — in which ... attempts to save more (including attempts to reduce budget deficits) make everyone worse off. Depression rules will apply for a very long time. ..... (Edited by BA)

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