Julio: > What makes you think that fiscal policy has lost its power?
Julio, Have you ever seen me making deterministic statements? I don't know whether fiscal or monetary or both have lost their power or not. All I am claiming is that the probability of a depression is non-zero. These The Economist guys are assigning a zero probability to that. Well! I accept, the probability I assign to a depression is way above 50%, but I am smart enough to know that this probability is my subjective probability and my psychology is as screwed up as anyone else's. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
