As a school I’m having my kids draw a 2b pencil with the colors of their choice.
Why will you help us out?
We have a small budget to work with and a large amount of funds we need to cover the bills and start a business.
It is important to us that all the funding is used to help us to make the pencils as awesome as possible.
One of the most common questions in the news now, is if and when “the Democrats’ economic policy will create a recession. Well, according to one of the leading economists in their field, Larry Summers, no, it will have a far more positive effect.
Larry Summers (Photo: J. Scott Applewhite, AP)
Economist Larry Summers says that his Nobel Prize-winning thesis that the 2008-09 U.S. financial crisis was caused by an excessive central banking stance has had “quite an impact” on the political economy.
A study in The Journal of Financial Economics says that Summers’ theory that the Federal Reserve has a “permanently damaging effect” on the economy “paints a far less rosy picture of the economic impacts of monetary policy than did his own.”
Summers, former Treasury Secretary under President Clinton, was awarded the award for literature as well as public policy in May.
“I don’t think I was the first person to suggest that monetary policy could be a source of serious policy distortions in the economy,” Summers said in a telephone interview. “But over time I found that the literature on the subject was quite robust and that many people in positions of responsibility for central banking actually took the view that what I was saying was the right and most efficient course (of action). That is why I wrote my book with my wife. I wanted to get the scientific literature out there and also to get the economics literature out there.”
The key to Summers’ thesis is that the Fed, in its ability to expand money from zero, is creating a downward spiral that ultimately leads to the worst type of recession. If that were to take place, it would be disastrous for the world economy and would have a significant effect on political economy.
“The point is that all it takes is a very large increase in the number of loans which the central bank makes,” Summers said. “Once that occurs, it causes inflation and eventually unemployment. It ends up making it the most inefficient policy ever to be devised, and it ends up leading to a
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