Pure poison ?
No the poison came with the corporate fashioned remedy !
Right then and there the correct strategy
" we need to socialize the price level path "
Here however is manly mackerel ' s. Take
"As a piece of text it only makes sense to modern ears if there is a missing sentence:
that we failed to raise taxes and cut spending in a boom.
Far from a denunciation of Keynesian countercyclical fiscal policy,
it was an admission that politicians could not be trusted with operating such a policy,
essentially because they imagined they could beat the Phillips curve
using direct controls on prices and incomes. "
My my the road not traveled is blocked by a meme barrier !
One wonders what he thinks of Weintraub Lerner remedies ?
Crude analogy :
No more massive electricity generation
It requires ruinous climate changing coal !
Nicely he does add:
" The fact that fiscal rather than (government controlled) interest rate policy
was being used as the countercyclical instrument here