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The Economy Stinks, and Dr. Doom is Not Hopeful
On with Kara Swisher
What Is a Debt Crisis?
The biggest risk is that this cold war eventually is going to end up into a hot war. These are things that the world has been through before. In the 70s, we had stagflation because of these two,. all shocking, 73 and 79. That ratios were very low as a shareholder GDP. So we did not have a debt crisis in Europe and the United States. After the global financial crisis, we had a debt problem... But we had a negative demand shock and we had a credit crunch. We could aggressively use monetary and fiscal policy. Today instead, we have negative supply shocks.
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