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Has he become the high priest of printing or the prize winner of profligacy?
Perhaps that is the case Old Salt, but austerity is not so good during times of economic slowdown or stagnation.
Cronkite,
Borrowing or printing for cyclical issues with later repayment or sterilization was fine when there was a cyclical problem. Bringing forward of truly needed government spending that will avoid future necessary cost seems OK. So what is the current problem? For a lot of countries the under funding of government debt is structural. The cost of the promises by government is growing faster than it can be paid by a shrinking work force. More borrowing or printing avoids addressing the structural imbalances and over promises of government. It avoids a country addressing lack of competitiveness in wages and regulations which without borrowing or printing they would have to address promptly.
My main beef with the Nobel prize winner prince of profligacy is that he draws the wrong conclusions from the past 30 years economic history without acknowledging the ever expanding, non cyclical, debt build up. Indeed the efforts to keep the good times rolling are the cause of the ever expanding debt and just as there is a Minsky moment in assets there will be a Minsky moment for government debt. The only way to solve the debt problem is not to let it grow. We won’t die. We will adjust more quickly.