Steve Keen, “Sense on deficits & deleveraging: Koo & Varoufakis,” Debtdeflation.com, July 4th, 2011.The lessons to be learnt from Japan are stark: zombie banks must be closed down or cleaned up, and austerity is the road to disaster. The US and EU are currently on the road to disaster.
Monday, July 4, 2011
Richard Koo on the Lessons from Japan’s Lost Decade
This is a talk by Richard Koo at a conference at the Central Bank of Argentina (June, 2011), and Steve Keen has more background on it here: