{"id":987,"date":"2011-10-08T18:46:01","date_gmt":"2011-10-08T22:46:01","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=987"},"modified":"2011-10-08T18:46:01","modified_gmt":"2011-10-08T22:46:01","slug":"its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/","title":{"rendered":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy &#8211; Michael Spence"},"content":{"rendered":"<p>&#8220;It&#8217;s hard to be optimistic,&#8221; says NYU professor and Nobel laureate Michael Spence. &#8220;There&#8217;s huge disagreements. Important policy issues are being held hostage to other things.&#8221; &#8211; <a href=\"http:\/\/finance.yahoo.com\/blogs\/daily-ticker\/hard-optimistic-political-ideology-blocking-good-policy-michael-174729136.html\" title=\"Yahoo Finance\">Yahoo Finance<\/a> from September 23, 2011.<\/p>\n<p>[gigya src=&#8221;http:\/\/d.yimg.com\/nl\/techticker\/breakout\/player.swf&#8221; width=&#8221;576&#8243; height=&#8221;324&#8243; quality=&#8221;high&#8221; wmode=&#8221;transparent&#8221; allowFullScreen=&#8221;true&#8221; flashVars=&#8221;vid=26714533&amp;repeat=true&amp;browseCarouselUI=hide&amp;&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;It&#8217;s hard to be optimistic,&#8221; says NYU professor and Nobel laureate Michael Spence. &#8220;There&#8217;s huge disagreements. Important policy issues are being held hostage to other things.&#8221; &#8211; Yahoo Finance from September 23, 2011. [gigya src=&#8221;http:\/\/d.yimg.com\/nl\/techticker\/breakout\/player.swf&#8221; width=&#8221;576&#8243; height=&#8221;324&#8243; quality=&#8221;high&#8221; wmode=&#8221;transparent&#8221; allowFullScreen=&#8221;true&#8221; flashVars=&#8221;vid=26714533&amp;repeat=true&amp;browseCarouselUI=hide&amp;&#8221;]<\/p>\n","protected":false},"author":2,"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":[34],"tags":[],"class_list":["post-987","post","type-post","status-publish","format-standard","hentry","category-us-canada-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - 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=\"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - the patient investor\" \/>\n<meta property=\"og:description\" content=\"&#8220;It&#8217;s hard to be optimistic,&#8221; says NYU professor and Nobel laureate Michael Spence. &#8220;There&#8217;s huge disagreements. Important policy issues are being held hostage to other things.&#8221; &#8211; Yahoo Finance from September 23, 2011. [gigya src=&#8221;http:\/\/d.yimg.com\/nl\/techticker\/breakout\/player.swf&#8221; width=&#8221;576&#8243; height=&#8221;324&#8243; quality=&#8221;high&#8221; wmode=&#8221;transparent&#8221; allowFullScreen=&#8221;true&#8221; flashVars=&#8221;vid=26714533&amp;repeat=true&amp;browseCarouselUI=hide&amp;&#8221;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-08T22:46:01+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy &#8211; Michael Spence\",\"datePublished\":\"2011-10-08T22:46:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/\"},\"wordCount\":73,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"articleSection\":[\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/\",\"name\":\"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2011-10-08T22:46:01+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2011\\\/10\\\/08\\\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy &#8211; Michael Spence\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/colin58s\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - the patient investor","og_description":"&#8220;It&#8217;s hard to be optimistic,&#8221; says NYU professor and Nobel laureate Michael Spence. &#8220;There&#8217;s huge disagreements. Important policy issues are being held hostage to other things.&#8221; &#8211; Yahoo Finance from September 23, 2011. [gigya src=&#8221;http:\/\/d.yimg.com\/nl\/techticker\/breakout\/player.swf&#8221; width=&#8221;576&#8243; height=&#8221;324&#8243; quality=&#8221;high&#8221; wmode=&#8221;transparent&#8221; allowFullScreen=&#8221;true&#8221; flashVars=&#8221;vid=26714533&amp;repeat=true&amp;browseCarouselUI=hide&amp;&#8221;]","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-10-08T22:46:01+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy &#8211; Michael Spence","datePublished":"2011-10-08T22:46:01+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/"},"wordCount":73,"commentCount":1,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"articleSection":["US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/","name":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy - Michael Spence - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2011-10-08T22:46:01+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/08\/its-hard-to-be-optimistic-political-ideology-blocking-good-policy-michael-spence\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"\u201cIt\u2019s Hard To Be Optimistic\u201d: Political Ideology Blocking Good Policy &#8211; Michael Spence"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-fV","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":1361,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/the-global-jobs-challenge-michael-spence-project-syndicate\/","url_meta":{"origin":987,"position":0},"title":"The Global Jobs Challenge &#8211; Michael Spence &#8211; Project Syndicate","author":"ColinTwiggs","date":"October 17, 2011","format":false,"excerpt":"What does it mean \u2013 for individuals, businesses, and governments \u2013 that structural adjustment is falling further and further behind the global forces that are causing pressure for structural change? Above all, it means that expectations are broadly inconsistent with reality, and need to adjust, in some cases downward. But\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":342,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/innovate-or-die-macrobusiness-com-au-macrobusiness-com-au\/","url_meta":{"origin":987,"position":1},"title":"Innovate or die &#8211; macrobusiness.com.au","author":"ColinTwiggs","date":"August 20, 2011","format":false,"excerpt":"Spence says it has not yet been fully recognised that the economic malaise is not just a cyclical downturn caused by excess debt, over-consumption, low interest rates and lax regulation, but part of a long-term structural change brought about by globalisation and technology, which are shifting the comparative advantage in\u2026","rel":"","context":"In &quot;The Big Picture&quot;","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13554,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/","url_meta":{"origin":987,"position":2},"title":"Michael Pettis: Brexit could speed breakup of the Euro","author":"ColinTwiggs","date":"July 9, 2016","format":false,"excerpt":"https:\/\/youtu.be\/S0v_QWqqwn0 On secular stagnation: \"I don't see growth picking up until you either redistribute income downwards -- which is politically quite difficult and slow -- or developed countries which are credible borrowers engage in massive infrastructure spending -- which would be a great idea but politically difficult -- so I'm\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/S0v_QWqqwn0\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12306,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/09\/01\/if-we-dont-understand-both-sides-of-chinas-balance-sheet-we-understand-neither-michael-pettis\/","url_meta":{"origin":987,"position":3},"title":"If we don\u2019t understand both sides of China\u2019s balance sheet, we understand neither | Michael Pettis","author":"ColinTwiggs","date":"September 1, 2015","format":false,"excerpt":"From Michael Pettis' OpEd in the Wall St Journal: History suggests that developing countries that have experienced growth \u201cmiracles\u201d tend to develop risky financial systems and unstable national balance sheets. The longer the miracle, the greater the tendency. That\u2019s because in periods of rapid growth, riskier institutions do well. Soon\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13475,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/06\/22\/rebalancing-wealth-transfers-and-the-growth-of-chinese-debt-michael-pettis\/","url_meta":{"origin":987,"position":4},"title":"Rebalancing, wealth transfers, and the growth of Chinese debt | Michael Pettis","author":"ColinTwiggs","date":"June 22, 2016","format":false,"excerpt":"Michael Pettis summarizes China's debt dilemna: This, I think, is really the key point. There is no way Beijing can address the debt without a sharp drop in GDP growth, but as unwilling as Beijing may be to see much lower growth, it doesn\u2019t have any other option. It must\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7732,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/05\/12\/the-monetary-policy-revolution\/","url_meta":{"origin":987,"position":5},"title":"The monetary policy revolution","author":"ColinTwiggs","date":"May 12, 2013","format":false,"excerpt":"James Alexander, head of Equity Research at UK-based M&G Equities, sums up the evolution of central bank thinking. He describes the traditional problem of inadequate response by central banks to market shocks like the collapse of Lehman Brothers: Although wages hold steady when nominal income falls, unemployment tends to rise\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":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/987","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=987"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/987\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}