The monetary and fiscal stimulus dispensed by governments around the world was arguably effective in containing a recession and staving off depression. But if so, the question becomes: At what price?
Nothing is free in economics and so the world must grapple with the mountain of debt that now weighs on the global economy. In effect, policy makers have traded the acute for the chronic. Was it a worthwhile tradeoff? Perhaps, although the true answer won’t be known for some time, perhaps as long as a generation.
– James Picerno, “The Price Tag For Damage Control”, The Capital Spectator, January 6
This piece echoes my “Top Gun FP Client Note: What Are The Consequences?”, Top Gun FP, December 30, 2009