M3 falling works for me
May 27, 2010 at 12:36 PM EDT
With sufficient deficit spending private credit isn’t needed at all to sustain growth and employment, so the shift from private sector credit growth (falling M3) to 3% growth sustained by deficits of 10% of gdp is perfectly sustainable. In fact, I’d prefer, for a given size govt, lower taxes rather than higher private sector [...]