Extracted from a paper delivered to Wellington South Rotary; 22 March
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A Lack of Interest
Are we entering a long period of secular stagnation in which interest rates are low? We cannot foresee all the implications.
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The more one is certain about the state of an economy, the more one is likely to be wrong; the more one is certain about the state of an economy, the greater the media coverage. No wonder the public is confused.
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