Larry Summers Does It Again
Back in October 2011, our inaugural "Quote of the Week" went to that destroyer of pretty much everything, deep fried twinkies and value most certainly included, Larry Summers:
"The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending." Larry Summers, source
It is only fitting that the sequel to what to a large majority of people is the dumbest quote in history, will once again come from Larry Summers:
"Rather than focusing on lowering already epically low rates, governments that enjoy such low borrowing costs can improve their creditworthiness by borrowing more not less." Larry Summers, source.
3..... 2..... 1..... and #Ref!