Austerity Lecture

From Adam Colton
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https://www.youtube.com/watch?v=JQuHSQXxsjM

Speaker: Mark Blyth, Professor at Brown University. Author of Great Transformations. Ph.D from Columbia in Economics.

Refers to himself as a great example of welfare empowered social mobility - having gone from orphan to Ivy League professor.

Asset protection + tax cuts + 2 wars = 61% debt/gdp by 2006.

A shortage of T-bills (shrinking debt in early 2000s and increased demand from China) produced a run on the repo market - using AAA mortgages as collateral for repo collateral. This cascaded to a liquidity crunch.

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