Forget the Central Bankers. Build Some Roads.
If the economists at Citigroup are correct, the world risks slumping into a global recession. So there's a lot of talk about the need for the Federal Reserve to resist the temptation to raise borrowing costs or even introduce yet more quantitative easing. The European Central Bank and the Bank of Japan are under similar pressure to augment their QE programs. But if cutting interest rates more than 600 times since Lehman Brothers went bankrupt in 2008 hasn't worked, maybe central bankers dropping more money into the economy from their helicopters is the wrong solution. Maybe the world needs less Milton Friedman and more John Maynard Keynes.
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