We need to get the U. S. economy to slow down and, in the meantime, we'll need someone to pick up the slack, ... That could be in the euro area. I think the (European Central Bank) needs to pay specific attention to what's happening both within and beyond their borders.
More Quotes from Michael Mussa:
When you have the global fire department and there are no fires, then you're not so busy.Michael Mussa
In a period when general economic slowdown is the main problem and when inflation is not likely to be a continuing threat, the euro area -- the second-largest economic area in the world -- needs to become part of the solution rather than part of the problem.
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They don't need to do it tomorrow, but they can't wait until the end of the year,
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We have a policy that is adding to, adding to, the systemic risk by subsidizing investors to take greater risks.
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This is more good than bad. The fact that these countries don't need IMF financing at this time should be looked at as a positive sign.
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