Record Inflation and What’s Next (with Larry Summers)
In the Bubble with Andy Slavitt
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The Use of Demand in the Economy
We had very substantial demand problems before we had the ukraine war. And i think it's pretty clear that we substantially increased demand with the policies that were sued. If you look at many of the things where people talk about bottle necks, semi conductors, for example, the quantity sold was actually greater in 20 21 than it had been before. But there's no question that this has all been made substantially worse by what's happened in oil markets and related to the ukrane war. We could end up with still high prices, but a recession - something that looks more like staglation.
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