The End Is (Not) Near
From today’s paper:
Citing a “poisonous combination” of slow economic growth and low inflation, the study released today [by the International Center for Monetary and Banking Studies and the Centre for Economic Policy Research] also warns that “deleveraging and slower nominal growth are in many cases interacting in a vicious loop” that puts the world at risk.
No, actually, I don’t think the world is at risk. If history is our guide, the world will continue to merrily spin about its axis and revolve around the smiley face sun.
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About Lentus Ambulandus
Lentus Ambulandus is New Escapologist's Chief Leisure Officer. He advocates doing the things worth doing (hiking, cycling, sipping coffee, reading books), and proudly accomplishes less in a month than most people do in a week. His creed is simple: Death Before Employment.
I read the same quote this morning and had the same thought. I have a loop of the REM song in my head: “It’s the end of the world as we know it, and I feel fine”. A lack of economic growth seems to me the solution rather than the problem, but as you say, the world will spin merrily regardless.
It always disturbs me when economists think it’s bad when people rid themselves of debt. They’re basically saying “oh no, they’re getting rid of the ball and chain…the party’s over!”
“A lack of economic growth seems to me the solution rather than the problem”
Oh yes indeed!