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Harvard Professors Predict High Inflation, Defaults for U.S.
Two Harvard professors are predicting that America will soon be forced to adopt financial measures only previously used by third-world countries in order to control its runaway debt. Economists Carmen Reinhart and Kenneth Rogoff gained international attention and applause with their 2009 book, This Time is Different: Eight Centuries of Financial Folly, followed by the publication in 2010 of Growth in a Time of Debt.
The first gained international recognition for its analysis of fiscal follies implemented by governments to rein in out-of-control debts and pointing to the similarities to the current environment in the United States. The second book gained the professors notoriety for claiming that too much debt predictably slowed economic growth, especially when government debt exceeded 90 percent of a countryâ€™s gross domestic economic output. Keynesians seeing the implications that would come from...