| Whatever their motives, sadomonetarists have already done a lot of damage. In Sweden they have extracted defeat from the jaws of victory, turning an economic success story into a tale of stagnation and deflation as far as the eye can see.
And they could do much more damage in the future. Financial markets have been fairly calm lately à ‚¬" no big banking crises, no imminent threats of euro breakup. But it would be wrong and dangerous to assume that recovery is assured: bad policies could all too easily undermine our still-sluggish economic progress. So when serious-sounding men in dark suits tell you that ità ‚¬ „ s time to stop all this easy money and raise rates, beware: Look at what such people have done to Sweden. |
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