9 de maio de 2012

Enquanto isso, a situação económica a nível mundial é a seguinte:

Um ponto da situação económica mundial, interessante a diversos títulos. O bold é meu.

[....] In the first place these massive liquidity injections are not self sustaining, ie they give things a hefty push forward but even so they  don’t manage to jump start the various economies, especially in the developed world. They work for a bit, and then run out of steam. The fact that they systematically run out of steam tells me, at any rate, that something somewhere is broken, and that re-iterated injections on their own won’t sort the problem out.  

In Japan this very same “something” has now been broken since 1992, and continual liquidity injections and mounting government debt have not made it better. This is not the point to go in depth into what the something is, my story on this is scattered here and there across the various pieces of analysis I write. Suffice it to say that excessive debt and rapid population ageing have to form part of the picture. Both constitute an important drag on growth. But the principal aim of this post  isn’t to add to the debate about what it is that broken, it is simply to plead for a recognition that something is, and that, as a result, the situation won’t simply “right” itself. This time there is no hidden helping hand.

What the various liquidity injections do do is buy time. Some people scorn that, and would rather take their armageddon full face and now. Each to his taste. If I get to die tomorrow and rather than  today I am not ungrateful. [....]

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