chinese stimulus, page-104

Dopey, history is our teacher. Essentially, those are the circumstances that allowed Japan to avoid a deflationary depression. However, regrettably, Europe the U.S. and China are not in the same fortunate position as Japan was to ride out deflation.

Unfortunately, central bankers and govts around the world seem determined to follow the same path as that of the BoJ and successive Japanese govts. To undertake the same response and expect a different outcome is delusional optimism (which is also reflected in the ongoing complacency of financial markets). Insanity is repeating the same mistakes and expecting different results.