Back Slapping All Round

Obviously it takes one economics 'expert' to recognise another. Japan's economics minister Heizo Takenaka is reported as saying that: "Mr. Hubbard is an economic expert with considerable insight and he has made deep analyses of economic problems in the U.S. and the world." Meantime Japan has just clocked-in its 41st consecutive month of price deflation. I think I will remember Glenn Hunbbard for two things: as the man who couldn't see deflation coming , and as the man who rewrote his textbook to meet the needs of short term political expediency. I'm sure he will be sorely missed.