Acerca do deboche...

"Stimulus alone will not work because the U.S. private sector needs a debt restructuring. Too much consumption has been pulled forward and financed by too much debt. The result a horrible misallocation of productive investment to which we are now awakening. That necessarily means lower economic growth and lower income growth going forward – a situation which makes many debt contracts of yesteryear uneconomic. Debtors are simply too indebted to take on more. (Moi ici: está cá tudo)

And should the Federal Government continue to socialize these losses as they have done, we can be sure that a disproportionate amount of real resources will continue to be devoted to buying and selling houses or concocting financial products to sell to one another. And then perhaps the day of reckoning can be put off. Is that going to make the U.S. grow again?
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It is this lack of global aggregate demand (Moi ici: este é um ponto importante: ver aqui e aqui) – resulting from too much debt in parts of the global economy and not enough in others – that is the essence of the problem, which only economists with names beginning in R seem to understand (there is no R in PIMCO no matter how much I want to extend the metaphor, and yes, Paul _Rugman fits the description as well!)."

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Trechos retirados de "It’s the debt, stupid – Bill Gross edition"