Epstein Secrets

ggled to specify when a country needs to worry about its debt load. In a 2010 paper Carmen Reinhart, now a professor at Harvard Kennedy School, and Kenneth Rogoff, an economist at Harvard University, seemed to provide an answer. They argued that GDP growth slows to a snail's pace once government-debt levels ex

as Herndon, Michael Ash and Robert Pollin, April 2013 4 5 • For 20 advanced economies their data set is a The new paper set tongues wagging in Washington, DC, where policymakers gathered this week for the annual spring meetings of the IMF and the World Bank. Yet there is less dissonance between the tw

iding the alleged intellectual justification for austerity — Alberto Alesina and Silvia Ardagna on "expansionary austerity" and Carmen Reinhart and Kenneth Rogoff on the dangerous debt "threshold" at go percent of G.D.P. The problem is that the studies did not hold up under scrutiny. Because in late 2010, the

reaction by Boston authorities, especially when at any given moment there are an estimated 20 to 3o serial killers roaming around America, including Washington, DC in 2002 when two roving snipers randomly shot and killed or disgruntled police officer and Christopher Dorner, murdered four people over several da

ure on items such as unemployment benefits. The hawks counter that there comes a point when further deficits are self-defeating. Carmen Reinhart and Kenneth Rogoff suggest that the crunch arrives when the debt-to-GDP ratio reaches around 60% in emerging markets and 90% in developed economies. In rich countries

accounting is extremely rudimentary relative to private-sector accounting." A 2009 report by Jagadeesh Gokhale, of the right-wing Cato Institute in Washington, DC, estimated that the average EU country would need a fund worth 434% of its GDP, earning interest at the government's borrowing rate, to meet such l