Tuesday, August 2, 2016
Bankster Flips Out: Says Japan Government Isn't Doing Enough Keynesian Spending
CNBC reports that the bankster, Citigroup chief economist Willem Buiter, "lashed out against Japanese Prime Minister Abe's fiscal policies on Tuesday, saying the latest package was insufficient."
He said that a one-time injection wasn't enough.
"Japan has to get serious about sustained, large-scale, continuing stimulus until inflation hits the 2 percent target," Buiter told CNBC ahead of Abe's announcement of a 13.5 trillion yen ($132.04 billion) package of fiscal stimulus.
"They have the tools to stimulate demand for goods and services directly in the form of child-care and increased pensions but it has to be on a scale sufficient to do the job ... You have to have continued stimulus until households and corporates are able and willing to keep up spending themselves," he said.
The counter to the very sound argument against Keynesian spending policy madness is, as I have mentioned before, The Failure of the New Economics by Henry Hazlitt.
Buiter, btw, may be the most dangerous living Keynesian. He wrote a paper calling for the abolishment of cash and also came out against a Swiss gold referendum, in addition to this latest Keynesian spending advocacy eruption.
at 2:18:00 PM