There's never just "good news" with economists

Here's a nice uplifting piece from Channel News Asia: Threat of shock still hangs over world economic activity. They're covering the Bank for International Settlements (BIS) in Geneva. Here's some quotation:

"The current global economic upswing seems to be gaining momentum under the influence of unusually expansionary, in fact unsustainable, macroeconomic policies," the report said.

"The crucial challenge facing policymakers, as the cycle turns up, will be how best to tighten without destabilising a global economy already exhibiting various economic and financial imbalances," it added.

Wow! But check this out. It really speaks to the thesis of the book I'm forever working on (about context and circumstance):

"With the structure of the economic and financial world having changed so quickly and dramatically, and perhaps further change still to come, it could well be dangerous for policymakers to simply assume that their old answers will remain the right answers," the report said.

Posted by Grayson at June 28, 2004 07:56 AM