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In this article by Nouriel Roubini, a professor at NYU’s Stern School of Business and chairman of Roubini Global Economics, the emphasis about the pending economic downturn is unfounded based on their lack of understanding of the causes for the current economic condition. As stated in the article:
“The root of their error lies in their confusion of cause and effect. The reason why central banks have increasingly embraced unconventional monetary policies is that the post-2008 recovery has been extremely anemic. Such policies have been needed to counter the deflationary pressures caused by the need for painful deleveraging in the wake of large buildups of public and private debt.”
“Simply put, we live in a world in which there is too much supply and too little demand. The result is persistent disinflationary, if not deflationary, pressure, despite aggressive monetary easing.”
After many months of blogging on the economic recovery, it is refreshing to see an expert talk clearly regarding this issue. Dr. Roubini provides the pathway toward recovery utilizing infrastructure spending along with the continued monetary policy. Great work – I look forward to reading more from Dr. Roubini regarding other economic issues.
Gary Kapanowski – Lean Six Sigma Master Black Belt – Excelsior
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