Why must the Financial Times exist?
Read on...
From Weisenthal at Business Insider, this is from the Nomura Research Institute's Chief Economist Richard Koo (and speaking of Koo, here's a must read),
"Seeing that the dangers of balance sheet recessions had not been mentioned in any of the televised presidential debates, I made a point of writing an introductory article about them for a major US newspaper. However, the article was rejected as being too difficult for a general readership.
I then submitted the piece to another major US daily, with the same result.
Soon after, I was fortunate enough to receive a request from the Financial Times for just such an article, and this time it was quickly accepted. The article was published in last Monday’s paper under the title “Explain the disease, then US citizens will feel better.”"
I find this quite ridiculous, even though I have no idea which two newspapers are being referred to. What I find hard to believe is the difficulty of the concept. Much more believable is the denial of what accepting a balance-sheet recession would mean - i.e: the role of government to complement private sector deleveraging...which means that one of the dailies should definitely be the Wall Street Journal. The other one is anyone's guess!
Read on...
From Weisenthal at Business Insider, this is from the Nomura Research Institute's Chief Economist Richard Koo (and speaking of Koo, here's a must read),
"Seeing that the dangers of balance sheet recessions had not been mentioned in any of the televised presidential debates, I made a point of writing an introductory article about them for a major US newspaper. However, the article was rejected as being too difficult for a general readership.
I then submitted the piece to another major US daily, with the same result.
Soon after, I was fortunate enough to receive a request from the Financial Times for just such an article, and this time it was quickly accepted. The article was published in last Monday’s paper under the title “Explain the disease, then US citizens will feel better.”"
I find this quite ridiculous, even though I have no idea which two newspapers are being referred to. What I find hard to believe is the difficulty of the concept. Much more believable is the denial of what accepting a balance-sheet recession would mean - i.e: the role of government to complement private sector deleveraging...which means that one of the dailies should definitely be the Wall Street Journal. The other one is anyone's guess!
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