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Its certainly has a substantial role in the US, where all growth since the 90's have gone to the top 10% ... and a large bulk of it to the top 0.1% ... and the refusal to grow the economy because strong growth would lead to strong labor markets results in massive international imbalances when combined with other countries that insist on pursuing strong growth policies.

The "savings glut" theory is an effort to distract from the real sources of those imbalances by pointing to a consequence as if it is a root cause.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Tue Aug 25th, 2015 at 12:38:19 PM EST
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