Our Self: Um blogue desalinhado, desconforme, herético e heterodoxo. Em suma, fora do baralho e (im)pertinente.
Lema: A verdade é como o azeite, precisa de um pouco de vinagre.
Pensamento em curso: «Em Portugal, a liberdade é muito difícil, sobretudo porque não temos liberais. Temos libertinos, demagogos ou ultramontanos de todas as cores, mas pessoas que compreendam a dimensão profunda da liberdade já reparei que há muito poucas.» (António Alçada Baptista, em carta a Marcelo Caetano)

03/08/2012

PUBLIC SERVICE: Taking the same medication that made them sick will possibly make them sick again soon (2)

«The patient’s history includes a seizure in 2007/2008 — financial losses, banking problems, a major recession. Liberal injections of taxpayer cash avoided catastrophic multiple organ failure, assisting a modest recovery.

Governments ran large budget deficits in the period after the crisis. Interest rates around the world were reduced to historic lows, zero or negative in many developed countries. Balance sheets of major central banks have increased to $18 trillion from around $6 trillion, reflecting an unprecedented 30% of global gross domestic product.

Mr. Economy is now addicted to monetary heroin. Increasing doses are necessary for the patient to function at all.

Mr. Economy has not made the changes necessary for a return to full health. He seems to have taken rock star Steven Tyler’s advice: “Fake it until you make it.”

…»

«Global economy’s cure is worse than the disease», Satyajit Das, Market Watch

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