"Exchange-rate transmission channel won’t do much good, because it does not augment aggregate demand; it just shifts demand around among countries’ tradable sectors."
Hoot hoot hoot
Nothing better then a full round of deval versus deval
To shrink the real value of existing debt
But spence would rather
Cut entitlement payments
That generated deficits
thru public tax and transfer system
Yup cut fiscal deficits not trade deficits
See any contradictions here comrades!
And he even pretends to recommend demand enhance ment
And don't imagine ole spence does not eithe
Because he knows just what he's up to
Under all this buzz word hive swirl
Hey the bastid even throws in " inequality "
Just to sex up the pig here
This MNC cut out
needs time in the virtual gulag