Re: Let's call the whole thing off! (Select Preview)
Thinking out loud...
let's remember that bubbles must have widespread public participation, right? And they must shore up asset values, right? Otherwise, what's the point?
If the government spends, say, 1 trillion dollars on infrastructure, by directly spending the money, then bonds have to be issued to finance the debt. This causes interest rates to rise, presumably. I can't see how this creates a bubble.
How is the government going to get an asset inflation of some sort going? I suppose they could "privatize" infrastructure and build a bubble that way...been done before with good result. I think EJ alluded to this in the interview in the form of a ten year government guarantee on energy investment.
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