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As Walter Shewhart noted, 88 years ago, management consultants most often fail because they are hired BY executives, to help executives succeed, not BY aggregates, to make aggregates succeed.
[The] debt can be financed at any rate the government desires without losing control over interest rates as a tool of monetary policy. The problem of financing the debt is not the issue. The question is whether the size of the deficit to be financed is compatible with the stable expansion of the economy.
Click on page image below to read the paper at levyinstitute.org.
Having chosen to embrace financial globalization, emerging market countries then proceeded to follow economic policies that were bound to create volatility. The fragile five [Brazil, India, Indonesia, South Africa and Turkey] ran up large current account deficits; some of them also had high inflation and large fiscal deficits. These countries lapped up foreign funds instead of tightening lending regulations and imposing prudential controls.
"I'm now convinced that capitalism as we know it is torpedoing our prosperity, killing our economies, threatening our children with an unliveable world. It needs to be re-engineered root and branch."
From the interview:
[T]he form of capitalism that's evolved in the last few decades is basically suicidally dysfunctional and we have to turn our backs on it and introduce an alternative set of systems.
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