Scott Sumner expends 1,000 words trying to enlighten us on the Eurozone depression.
Unfortunately
his fixation with central banks and NGDP etc causes him to completely miss the
basic cause of the Eurozone’s problems: the disparity in competitiveness
between core and periphery, plus the fact that the way the EZ has chosen to
deal with that disparity is to impose severe deflation on the periphery.
Sumner is also
not too clued up when it comes to attacking MMT. See here.
No comments:
Post a Comment
Post a comment.