John Cochrane, Thursday, September 20, 2012:
I agree with the conclusion (high debt is likely to cause low growth).
Sunday, September 30, 2012
Unfortunately, he was not referring to private debt
John Cochrane, Thursday, September 20, 2012:
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I was going to slog my way through Cochran's article, but I threw it in when he brought out the confidence fairy stuff.
Two points. 1) Having status as issuing the world's reserve currency puts a country in rather a special position. B) things are different at the ZIRB.
JzB
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