The Bogey of Fiscal Stimulus
Despite the need for strong and sustained fiscal stimulus in many countries, today's political leaders seem to be held hostage by financial interests and associated media, ideologists, and oligarchs. As a result, the main threat that now confronts us is not public debt or inflation but rather a downward economic spiral.
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NEW YORK – After the economic disaster of 2008-2009, people are understandably wary of the devastation that yet another financial crisis can wreak. But the likelihood of another crisis is quite small, and its adverse impact would be far less devastating this time around, as there are no more massive credit or asset bubbles to burst.