"An 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
Probably there's Nothing better for demand
then a full round of deval versus deval
And consequent global inflation
Just think how it works
To shrink the real value of existing debt ?
But Spence for hire
Cut entitlement payments
To there by cut the generated deficits
Useful to demand sustenance
Better to take the opportunity
To shrink the public tax and transfer system
Not the macro debt jacket
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