>The US heading for Japan-style chronic deflation? One economic visionary
>predicts just that
Mark, you're calling Summers a visionary??? He's just an unreconstructed neolib
who loves to throw bits of criminal advice around. As one might have expected,
what he says in this article is crap.
Anyway, we should stop kidding ourselves. If and when American slides down the
Tokyo road, it'll be much worse. America is in an unprecedented path right now.
>Could the US follow this pattern? There is no reason why not, particularly if
>policymakers are slow to wake up to the risks.
It will be very different, if only because of the international dollar holdings (both
private and public). The strenght of the yen has been a big problem for Japan.
BTW, japanese officials are again suggesting that public funds may be used to
bail out stock market losses like they did in April 2001.
Julien
_______________________________________________
CrashList website: http://website.lineone.net/~resource_base
