Stagflation Cometh
Published By: PAE on eSS | Published Date: March, 17 , 2008The good times may be ending. There have been worries for years about the global imbalances caused by America’s huge overseas borrowing. America, in turn, said that the world should be thankful: by living beyond its means, it helped keep the global economy going, especially given high savings rates in Asia, which accumulated hundreds of billions of dollars in reserves. But it was always recognized that America’s growth under President George W. Bush was not sustainable. Now the day of reckoning looms.
Author(s): Joseph E. Stiglitz | Posted on: Mar 17, 2008 | Views(1776) | Download (169)