It’s the general equilibrium, stupid | vox - Research-based policy analysis and commentary from leading economists

It’s the general equilibrium, stupid | vox - Research-based policy analysis and commentary from leading economists: "While the focus of commentators and policymakers is on secondary (although still important) regulatory and corporate governance issues, the fundamental problem in the current global macroeconomic and financial equilibrium is one of asset shortages. In particular, there is a shortage of safe “AAA” assets. The world seems to need more US Treasury-like instruments than are available."