In "Hopeful Science" blog at Project Syndicate.org., Simon Johnson posts: "The market is nervous – mostly about the prospect of large fiscal deficits as far as the eye can see. Some commentators dismiss this as irrational, but, again, that is wishful thinking. The path-breaking work over many years of Carmen Reinhart, my colleague at the Peterson Institute in Washington, makes this very clear – no country, including the US, escapes the deleterious consequences of persistent large fiscal deficits. (Indeed, her book with Ken Rogoff, This Time Is Different, should be required reading for US policymakers.)"
To link to this post, click below:
http://www.project-syndicate.org/commentary/johnson15/English
- Simon Johnson, a former chief economist of the IMF, is co-founder of a leading economics blog, http://BaselineScenario.com, a professor at MIT Sloan, and a senior fellow at the Peterson Institute for International. H Economics. And with James Kwak, he is co-author of 13 Banker: The Wall Street Takeover and the Next Financial Meltdowon.
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