date:Oct 18, 2012
heet recession as the fundamental problem is the private sector undergoing deleveraging and repairing their balance sheet.
He said what happens to almost the entire western world is similar to what has happened to Japan since the 1990s. The problems will not be completely solved until the private sector finishes repairing its balance sheet.
It's not the budget deficit we should be worried about. It's the private sector, he said. All this debate is totally misguided. The private sector has a hu