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Actually, if you're doing it right (that is, tying a piece of string around the balls of your banks), you'll still be running moderate deficits during a boom.

You only really want to run surpluses when you have a foreign surplus (particularly when you suspect that it is caused by hot money) or a private sector credit expansion in excess of trend.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Dec 14th, 2011 at 11:15:46 AM EST
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The necessary first step in "doing it right" is not putting bankers in charge of financial regulations and the money supply.

For the same reason anyone with sense doesn't put monkeys in charge of a banana plantation.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Thu Dec 15th, 2011 at 02:58:24 PM EST
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