"in the case of fiscal policy there is a problem of deficit bias: governments over the last few decades have tended, on average, to spend too much or tax too little"
that's one of the authors of the cited paper in the last entry here
see these damn debt buzzards can't leave well enough alone
sure they can say we need stimulus now
but they try to retain reverence for the ancient capitalist gods
you can't
you must state without equivication
"those gods are dead "
hey the instruments are there to maintain proper pub debt/gdp ratiosno matter what string of nattionnal deficits are necessary to maintain hyper employment
once you bust out of the "there is no good inflation" mind set
hey if its wage push inflation
its good inflation
and debt is a pile of nominal obligations
its real value to be determined by wage level movement
inflation ??
what of fear of long term negative real returns
what if the pool of private funds dries up ??
werll that scare shot fails to acknowlege
a contemporary reality
we have a credit system with infinite elasticity
its as if we had cars for 60 years and keep running them at horse and buggy speeds
no real investment in new or additional productive capacity
need go unfunded with a modern credit based production system
short line:
we don't need no stinking private investor pool
and certainly we don't need to try maximizing that pool
nor a free range wall street
the last 30 years fairly convincingly establishes what the leads to
that's one of the authors of the cited paper in the last entry here
see these damn debt buzzards can't leave well enough alone
sure they can say we need stimulus now
but they try to retain reverence for the ancient capitalist gods
you can't
you must state without equivication
"those gods are dead "
hey the instruments are there to maintain proper pub debt/gdp ratiosno matter what string of nattionnal deficits are necessary to maintain hyper employment
once you bust out of the "there is no good inflation" mind set
hey if its wage push inflation
its good inflation
and debt is a pile of nominal obligations
its real value to be determined by wage level movement
inflation ??
what of fear of long term negative real returns
what if the pool of private funds dries up ??
werll that scare shot fails to acknowlege
a contemporary reality
we have a credit system with infinite elasticity
its as if we had cars for 60 years and keep running them at horse and buggy speeds
no real investment in new or additional productive capacity
need go unfunded with a modern credit based production system
short line:
we don't need no stinking private investor pool
and certainly we don't need to try maximizing that pool
nor a free range wall street
the last 30 years fairly convincingly establishes what the leads to