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Jayarava
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Jayarava is now following PhoeniX
Sep 11, 2014
Actually according to Markit household debt is actually increasing. Households overall are not deleveraging. However confidence is low, and spending will continue to be muted. http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=9945 Otherwise I agree with both your info and your conclusions (for what that information is worth). Have you seen Edward Harrison's explanation of the private/public accounting balance? My take on his take is here: http://moderndebtjubilee.blogspot.co.uk/2012/08/savings-debt-and-deficit.html
Toggle Commented Aug 21, 2012 on Austerity's not working at Stumbling and Mumbling
How different the world looks in 2012 in the midst of the global economic crisis! The Bubble has burst. I note that the Delong website you refer to has disappeared from the internet entirely. I think this demonstrates the flaws in Neoclassical economics more clearly than any theoretical argument.
I remember reading somewhere/somewhen that the oil producing nations had systematically lied about their reserves from the beginning, and that there's never been a clear picture of true oil reserves. I also remember that in the 1980s we were all lead to believe that oil would have run out by now.
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Jayarava is now following The Typepad Team
Aug 11, 2012