tag:blogger.com,1999:blog-1740670447258719504.post4759332792900874785..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: Quick linkEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1740670447258719504.post-72180100141399746202011-03-30T02:13:01.612-04:002011-03-30T02:13:01.612-04:00The Robbins/Plant/Gregory letter is quite right th...The Robbins/Plant/Gregory letter is quite right that abolishing restrictions on international trade and investment makes sense during a recession.<br /><br />In a period of falling trade and investment, who could say it is wrong to have more trade and investments?<br /><br />Besides, when Robbins/Gregory/Plant say that with public sector debt, "obstacles to readjustment [are] very much greater than the frictions an dobstacles imposed by the existence of private debt", are they necessarilly wrong? Banks can recall loans from bad private lenders easily. But for the government, it is easy enough to repay old bonds by issuing new bonds or from tax revenues.<br /><br />PS: Does Brad DeLong have a beak and ten tentacles? Earlier, why wasn't he using two of his tentacles? Were the other eight on the computer blogging, and two of them writing research reports?Prateek Sanjaynoreply@blogger.com