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Things are grim if we need bubbles to create full employment

Max Walsh, 21 November 2013, The Australian Financial Review (subscription required)

The global economy is facing the risk of being locked into 'secular stagnation' with recovery remaining constrained.

Larry Summers and Paul Krugman are two of the most influential American economists. Krugman is a Nobel laureate, while Summers has held top economic posts in the public sector, academe and the financial sector.

He was reportedly favoured by President Obama to be the next chairman of the US Federal Reserve. Political pressure, mainly from the president's own Democratic Party, saw Summers withdraw from consideration. It's safe to assume he continues to be an intellectual contributor to Obama's administration.

Read the full article: Things are grim if we need bubbles to create full employment (subscription required)

global economy secular stagnation ageing population employment asset price bubbles recovery global financial crisis quantitative easing

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Max Walsh

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Max Walsh was for many years one of Australia’s top economic and political commentators, highly regarded as a journalist, author and broadcaster. Throughout his career, Max was involved in all dimensions of the media industry, which has encompassed positions with two of Australia’s largest publishing companies and television networks.

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