Krugman reviews Geithners new book: Unlike a financial panic, a - TopicsExpress

Krugman reviews Geithners new book: Unlike a financial panic, a balance sheet recession can’t be cured simply by restoring confidence: no matter how confident they may be feeling, debtors can’t spend more if their creditors insist they cut back. So offsetting the economic downdraft from a debt overhang requires concrete action, which can in general take two forms: fiscal stimulus and debt relief. That is, the government can step in to spend because the private sector can’t, and it can also reduce private debts to allow the debtors to spend again. Unfortunately, we did too little of the first and almost none of the second. nybooks/articles/archives/2014/jul/10/geithner-does-he-pass-test/?insrc=hpss

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