The Risk That The Economy Has Entered

In Fact, The World Needs More Nerds.

If Wall Street Crashes, Does Main Street Follow? Not Necessarily.

The Basic Prescription For Preventing Deflation Is Therefore Straightforward, At Least In Principle: Use Monetary And Fiscal Policy As Needed To Support Aggregate Spending, In A Manner As Nearly Consistent As Possible With Full Utilization Of Economic Resources And Low And Stable Inflation. In Other Words, The Best Way To Get Out Of Trouble Is Not To Get Into It In The First Place.

The Risk Exists That, With Aggregate Demand Exhibiting Considerable Momentum, Output Could Overshoot Its Sustainable Path, Leading Ultimately In The Absence Of Countervailing Monetary Policy Action To Further Upward Pressure On Inflation.

The People Who Best Use Their Advantages, Or Overcome Adversity, And Work Honestly Are Those Most Worthy Of Admiration.