
The Rolling Apocalypse of Contemporary History (2011) - mountainplus
http://rosalindwilliams.com/writing/history-as-crisis-and-memory/the-rolling-apocalypse-of-contemporary-history/
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sgt101
Very hard to read the article past the quote from Confucius. Still : "
dangerously high national unemployment has led to calls not for government
pump-priming but for austerity budgets that are likely further to slow already
sluggish economic growth, although such growth is the most plausible source,
over time, of higher employment and balanced budgets. This utterly illogical
and self-defeating pattern is proclaimed to be the “new normal.”"

People often say this - these are people who are not scared of the bond
market. The fear that governments seem to have is that failure to signal
caution will lead to loss of confidence in the market, which will drive yields
up, which will generate fear in the market and then render governments unable
to raise money in the market. A this point, that would be that - collapse -
there is a financing gap and until the structural elements of deficits are
removed governments need to be very, very, very wary.

~~~
RobertoG
People often say what you said also. The problem is that it doesn't work like
that.

"The Bank of Japan can maintain yields on JGBs at whatever level it chooses,
at whatever maturity range it targets, and for as long as it likes. The bond
market investors are incidental to that capacity and are supplicants rather
than drivers."

from
[http://bilbo.economicoutlook.net/blog/?p=34830](http://bilbo.economicoutlook.net/blog/?p=34830)

