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Agreed. Discussion surrounding whether or not we are in a period of secular stagnation is only important if our elected representatives learn to appreciate their role in facilitating economic growth given the nature of modern money circulation.
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Key statement to me(though he puts a disclaimer out on it is) "I believe that little adjustment to one’s view of the proper level of 21st-century public debt of *reserve currency-issuing sovereigns with exorbitant privilege* is called for because of systemic risk considerations." Governments need to start treating their budgets the way central banks treat their balance sheets. Invest in technology to increase productivity that is the road to sustainable growth. It's like none of us lived thru the 90's!
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Jul 14, 2015