OK, so it’s Christine Lagarde for the IMF. I wish her luck. And I wish we had any idea how well she’ll do the job. It’s not as if she’s especially enigmatic: in addition to being smart, by all accounts she’s serious, responsible, and judicious. But that, of course, is what worries me.For we’re living in an era in which, for the time being, conventional prudence is folly, conventional virtue is vice. The things Very Serious People want to do — slash deficits right away, “normalize” interest rates, worry about inflation — are exactly the kind of things that could turn the slump of 2008-? into decades of stagnation.
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