Brad De Long wrote,
> Good God! Ever since the start of the Clinton Administration the line
> has been that if the U.S. needs to be more "classical" that Japan and
> Europe and the rest of the OECD need to be more "Keynesian." The
> inflation rate needs to be low so that it doesn't really mess up the
> resource allocation process, but once inflation gets below 4 percent
> per year only fundamentalist ideologues worry about pushing it down
> further...
The fundamentalist ideologues at the Bank of Canada and the Canadian
Ministry of Finance didn't hear the line. Perhaps they were too busy
reading about their "debt wall" in the Wall Street Journal and in
"secret" memos from the IMF.
Temps Walker
Sandwichman and Deconsultant
