The longer you practice monetary easing, says former Polish central-bank governor Leszek Balcerowicz, "the more difficult it is to exit it. Japan is trapped." The dollar allows the U.S. to "get a lot of cheap financing to finance bad policies," which is "dangerous to the world and perhaps...to the U.S." Balcerowicz's "shock therapy" slayed hyperinflation in Poland when communism fell, while his hard-money policies as central bank governor helped avoid a credit boom and likely bust, and possibly recession in 2009.
The longer you practice monetary easing, says former Polish central-bank governor Leszek...
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