What Is the Sort of Correct Monetary Policy in the World Economy?

As the world gets bigger financially, it becomes more volatile. The quality of debt at the margin is continually going down. And that's realy a function of the huge amounts of debt that we've got. Central banks are doing the absolute reverse o that theyi're lending at low interest rates and not lending very much at low interest rate. What they need to do is to change now. It comes back to the general problem that many of us face, which is the entry of china into the world economy. We have seen through this period an associated or paralleling recession in China. So what you need to do isn't just talk about liquidity levels but also about the level of liquidity

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