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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (64266)2/2/2001 1:37:38 PM
From: NOW  Read Replies (3) of 436258
 
Larry Summers finds religion:
(from the Economist)

In a thoughtful speech in Switzerland this week, Larry Summers, America’s outgoing treasury secretary, argued that the country’s current economic cycle is different from previous post-war cycles. Typically, excess demand causes inflation to take off, which forces the Fed to raise interest rates, which pushes the economy into recession. This expansion, he argued, has been more like pre-war cycles, or like that in Japan in the late 1980s: that is, driven by credit. The absence of rising inflation has allowed the expansion to go on for longer, but at the cost of a greater accumulation of debt. Others have pointed to the similarity to credit and asset-price booms in Britain and Sweden in the late 1980s. The unwinding of excesses was accompanied by severe recession
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