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Elephant in the Room Minsky Moment

- Mish - Global Economic Analysis

"The nightmare for ECB and the world is deflation as it’s a tax on debtors and a boon to net savers."

How can deflation be a nightmare for "the world", while at the same time be a "boon to net savers"?

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"Or in France’s case, the recent unilateral abandonment of meeting budget targets for the next two years is already a fait accompli."

Sounds similar to the U.S. Government's abandonment of "the debt ceiling".

Commented 3699 days ago

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Beginning of the headline :The "elephant in the room" is debt. Try as they might, central bankers have not been able to spur credit, hiring, or much business expansion because of the elephant. Things are even worse in Europe. Via email, this is a guest post from Steen Jakobsen, chief economist of Saxo bank. Debt - The Elephant in the Room ‘Interest on debt grows without rain’ – Yiddish proverb This proverb explains most of what goes on in policy circles these days. We are now watching Extend-and-Pretend, Episode VI:... Read More

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