Tuesday, 6 September 2011

Addendum

I hasten to add that of course governments should spend nevertheless... because only inflation will force capitalists to spend those "funds" (that is, claims to social resources) which will otherwise be "eaten up" by inflation!! Incidentally, Carmen Reinhart argues as much in her article on "The Liquidation of Government Debt" available on this page: http://www.google.com/search?sourceid=navclient&aq=0&oq=carmen+reinhart+liqui&ie=UTF-8&rlz=1T4GGLL_enAU391AU392&q=carmen+reinhart+liquidation+of+government+debt

Cheers.

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