Quah Chee Heong

Irving Fisher on Debt, Deflation, and Depression

In other words, no solution!

Well, have you all ever thought of the counterparty to US?
It's China or Asia.
Where did the inflows come from? From them.
Where did the outflows go? To them.
Now, if the world is as liberal as Friedman envisioned, then everything would have been solved by the invisible hand.
However, in the real world, we've got all sorts of barriers to capital, labor, and goods movements besides the natural geographical and cultural barriers.
Only a TRUE global free market can save this!