When savers are the enemy of the economy

Larry Summers put it best in a speech delivered yesterday at the London School of Economics:

“We need to move beyond the Calvinist idea that more savings is always good and borrowing is bad because what we have right now … is a chronic excess of saving and at least judging by the market evidence it’s likely to be with us for some time to come.”

To read why neutral money would solve the problem of excess savings, please see the article just posted on my publisher’s website.

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