This Morning’s Must-Watch: Larry Summers on the Danger of a Japan-Like Generation of Secular Stagnation Here in the North Atlantic

Miles Kimball sends us to this-morning’s must-watch: Larry Summers on the danger that the U.S. and Europe are turning Japanese, i.e., about to repeat Japan’s ongoing post-1991 episode of secular stagnation:

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It is not over until it is over…. We may well need, in the years ahead, to think about how we manage an economy in which the zero nominal interest rate is a chronic and systemic inhibitor of economic activity, holding our economies back, below their potential…