the upshot of the uncle milty offensive circa 67-79
was a switch to credit policy driven macro
is this a horror
the death of fiscal macro ??
well obviously the recent zero bound contraint has shown the limits of credit
with the loan out string
now in push mode
but were greater grounds lost
i mean if ...if you can induce firms and households to borrow enough
is that any worse macro wise then uncle borrowing more
well yes
because if for no other reason
uncle's debt level and rate of climb
can't trigger a valid self fulling default panic
-----------
the hideous public goods versus private goods fetish of most pwogs
was nevef a good reason to prefer juicing uncles borrowing over
juicing the borrowings
of homer
and
Fuckuverymuch inc
