New York Times
January 30, 2012
I’m giving a talk in Paris tomorrow. Here are some slides; they won’t come as a shock to regular readers, but it may be useful to see them all in one place.
First, I make the case that the overall economic crisis is driven by private debt, not public debt:
Then I point to the huge swing of the private sector into financial surplus, which necessitated large public deficits to avoid a much deeper slump:
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