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Old 05-02-2013, 09:16 AM   #21
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Join Date: May 2006
Location: west coast, hi there!
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Some of the latest comments from Rogoff and Reinhardt are in this Financial Times article: Austerity is not the only answer to a debt problem -

First and foremost, governments must be prepared to write down debts rather than continuing to absorb them. This principle applies to the senior debt of insolvent financial institutions, to peripheral eurozone debt and to mortgage debt in the US.
One of us attracted considerable fire for suggesting moderately elevated inflation (say, 4-6 per cent for a few years) at the outset of the crisis. However, a once-in-75-year crisis is precisely the time when central banks should expend some credibility to take the edge off public and private debts, and to accelerate the process bringing down the real price of housing and real estate.
If you cannot get at the FT article then there is a summary here: Rogoff and Reinhart: It’s not just tight-fisted austerity or freewheeling spending - The Tell - MarketWatch

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