{"id":5014,"date":"2012-07-31T20:08:28","date_gmt":"2012-08-01T00:08:28","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5014"},"modified":"2012-07-31T20:08:28","modified_gmt":"2012-08-01T00:08:28","slug":"no-end-to-long-term-unemployment-business-insider","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/","title":{"rendered":"No End To Long-Term Unemployment &#8211; Business Insider"},"content":{"rendered":"<p>J BRADFORD DE LONG, professor of economics at University of California at Berkeley, argues for expansionary monetary and fiscal policy.<\/p>\n<blockquote>\n<p>At its nadir in the winter of 1933, the Great Depression was a form of collective insanity. Workers were idle because firms would not hire them; firms would not hire them because they saw no market for their output; and there was no market for output because workers had no incomes to spend.<\/p>\n<p>I have been arguing for four years that our business-cycle problems call for more aggressively expansionary monetary and fiscal policies, and that our biggest problems would quickly melt away were such policies to be adopted. That is still true. But, over the next two years, barring a sudden and unexpected interruption of current trends, it will become less true.<\/p>\n<\/blockquote>\n<p>But private sector deleveraging means expansionary monetary policy is as effective as pushing on a string. And fiscal policy needs to focus on productive infrastructure investment, not just stimulus spending that runs up public liabilities without any assets to show for it on the other side of the balance sheet.<\/p>\n<p>via <a href='http:\/\/www.businessinsider.com\/recovery-for-the-long-term-unemployed-isnt-coming-anytime-soon-2012-7'>No End To Long-Term Unemployment &#8211; Business Insider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>J BRADFORD DE LONG, professor of economics at University of California at Berkeley, argues for expansionary monetary and fiscal policy. At its nadir in the winter of 1933, the Great Depression was a form of collective insanity. Workers were idle because firms would not hire them; firms would not hire them because they saw no &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;No End To Long-Term Unemployment &#8211; Business Insider&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,34],"tags":[1412,1840,2346,2808,3247],"class_list":["post-5014","post","type-post","status-publish","format-standard","hentry","category-economy","category-us-canada-countries-regions","tag-fiscal-policy","tag-infrastructure-investment","tag-monetary-policy","tag-public-debt","tag-stimulus-spending"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>No End To Long-Term Unemployment - Business Insider - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No End To Long-Term Unemployment - Business Insider - the patient investor\" \/>\n<meta property=\"og:description\" content=\"J BRADFORD DE LONG, professor of economics at University of California at Berkeley, argues for expansionary monetary and fiscal policy. At its nadir in the winter of 1933, the Great Depression was a form of collective insanity. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Workers were idle because firms would not hire them; firms would not hire them because they saw no &hellip; Continue reading \"No End To Long-Term Unemployment &#8211; Business Insider\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-08-01T00:08:28+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"No End To Long-Term Unemployment &#8211; Business Insider","datePublished":"2012-08-01T00:08:28+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/"},"wordCount":198,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Fiscal Policy","infrastructure investment","Monetary Policy","public debt","stimulus spending"],"articleSection":["Economy","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/","name":"No End To Long-Term Unemployment - Business Insider - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2012-08-01T00:08:28+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/31\/no-end-to-long-term-unemployment-business-insider\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"No End To Long-Term Unemployment &#8211; Business Insider"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1iS","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":2564,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/buiter-no-politically-feasible-route-to-sustained-growth-for-many-years-to-come-credit-writedowns\/","url_meta":{"origin":5014,"position":0},"title":"Buiter: no politically feasible route to sustained growth for many years to come | Credit Writedowns","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"Citigroup chief economist Willem Buiter: There really is no politically feasible route back to sustained economic growth through monetary and\/or demand stimulating policies for the EA, the UK, the US and Japan, for many years to come. As regards demand stimulus, expansionary fiscal policy will not be punished by the\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4090,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/16\/europes-economic-suicide-nytimes-com\/","url_meta":{"origin":5014,"position":1},"title":"Europe\u2019s Economic Suicide &#8211; NYTimes.com","author":"Colin Twiggs","date":"April 16, 2012","format":false,"excerpt":"Paul Krugman: If European leaders really wanted to save the euro they would be looking for an alternative course. And the shape of such an alternative is actually fairly clear. The Continent needs more expansionary monetary policies, in the form of a willingness \u2014 an announced willingness \u2014 on the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6461,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/dangers-of-quantiative-easing-may-be-political-more-than-technical\/","url_meta":{"origin":5014,"position":2},"title":"Dangers of quantiative easing may be political more than technical","author":"Colin Twiggs","date":"December 12, 2012","format":false,"excerpt":"Glenn Stevens, governor of the Reserve Bank of Australia, in an address to the Bank of Thailand today commented on the dangers facing central bank monetary policy: For the major countries a further dimension to what is happening is the blurring of the distinction between monetary and fiscal policy. Granted,\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62781,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/10\/18\/lax-fiscal-policy-is-the-root-cause-of-inflation\/","url_meta":{"origin":5014,"position":3},"title":"Lax Fiscal Policy is the Root Cause of Inflation","author":"Colin Twiggs","date":"October 18, 2025","format":false,"excerpt":"Key Points A recent Bank of England study highlights the importance of responsible fiscal policy in controlling inflation. A recent paper from Michael Bordo, Oliver Bush, and Ryland Thomas at the Bank of England argues that loose fiscal policy is the root cause of inflation rather than lax monetary policy.\u2026","rel":"","context":"In &quot;Deficit Spending &amp; Employment&quot;","block_context":{"text":"Deficit Spending &amp; Employment","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/deficit-spending-employment\/"},"img":{"alt_text":"UK Inflation Spike in the 1970s","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-10-17-uk-inflation2.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":11517,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/01\/an-unconventional-truth-by-nouriel-roubini-project-syndicate\/","url_meta":{"origin":5014,"position":4},"title":"An Unconventional Truth by Nouriel Roubini &#8211; Project Syndicate","author":"ColinTwiggs","date":"February 1, 2015","format":false,"excerpt":"Nouriel Roubini argues for increased infrastructure investment to accompany monetary easing, else the benefits of the latter will not last: Simply put, we live in a world in which there is too much supply and too little demand. The result is persistent disinflationary, if not deflationary, pressure, despite aggressive monetary\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61640,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/05\/12\/the-end-of-american-exceptionalism\/","url_meta":{"origin":5014,"position":5},"title":"The End of American Exceptionalism","author":"Colin Twiggs","date":"May 12, 2025","format":false,"excerpt":"Summary The myth of American exceptionalism is fading Decades-long international capital flows into US financial markets are reversing The US outperformed its peers because it ran bigger deficits Large deficits cause long-term inflation Ballooning federal debt undermines confidence in US Treasury markets Cutting the deficit will likely reduce economic growth\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"DJ US Index ($DJUS) & DJ World ex-US ($W2DOW)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-05-12-djus-w2-5y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5014"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5014\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}