Is that the sound of a can being kicked down the road?
Thanks for the really useful explanation.
There's one thing I still don't understand:
It was an asset bubble that got us into this mess. Isn't increasing M, and keeping interest rates low causing investors to (as you put it), "go out along risk curve" thereby keeping the values of assets artificially inflated (and just prolonging the problem)?
To put it another way, we were heading towards a cliff. We've bought ourselves some time by tipping rubbish money over the edge to create some landfill. But we're still headed towards the cliff, no?
Biting the hand that feeds IT
