Re: Niall Ferguson in the FT
February 03, 2009 at 07:49 AM EST
[Skip to the end] (email exchange) They’ve all forgotten imports are a real benefit, exports a real cost, so they are afraid that imports will go up if you make a fiscal adjustment unilaterally. In fact, it’s the best of all worlds to do it unilaterally and let the imports flood in. To paraphrase Nixon (?): ‘They are all half [...]