We've replaced saving with consumer debt (i.e., mortgages) and a hope that people can continue to make the high payments every month. It's not a terribly wise long-term economic strategy, but it's one the Fed is banking on.
The committee to select the winners of the Nobel prize in economics almost always prefer interventionists to laissez-faire economists. The first year was no exception.
Thanks to the great Tatsuya Iwakura, who has translated numerous books by Austrian economists into Japanese, The Austrian Theory of the Trade Cycle and Other Essays, edited by Richard Ebeling, is now available as a Kindle book in Japanese.
Recessions are good for an economy because they involve a resolution process, but a big recession for this boom town could be great for the world economy.
