The Other Half of Macroeconomics and the Fate of Globalization.

Cover -- Title Page -- Copyright -- Contents -- Preface -- About the Author -- Chapter 1: Introduction to the Other Half of Macroeconomics -- Basic Macroeconomics: One Personâ s Expenditure Is Another Personâ s Income -- Two Reasons for Disappearance of Borrowers -- Paradox of Thrift as Fallacy-of-Composition Problem -- Disappearance of Borrowers Finally Recognized After 2008 -- No Name for Recession Driven by Private-Sector Debt Minimization -- Paradox of Thrift Was Norm Before Industrial Revolution -- Four Possible States of Borrowers and Lenders -- Chapter 2: Balance Sheet Problems Create Shortage of Borrowers -- Japan in Balance Sheet Recession -- The West in Balance Sheet Recession -- The First Casualty of Borrowersâ Disappearance: Monetary Policy -- Great Depression as Balance Sheet Recession -- Lender of Last Resort Needed in Case 4 -- Government Must Act as Borrower of Last Resort in Cases 3 and 4 -- Self-Corrective Mechanism of Economies in Balance Sheet Recessions -- Four Central Banksâ Track Records -- QE Did Not Boost Money Supply in Japan, UK, or Europe -- Fed Officials Did Not Claim They Would Raise Inflation by Expanding Money Supply -- Bernanke Rescued U.S. Economy with Policy That Ran Contrary to His Teacherâ s Views -- Other Central Banks Supported Austerity -- People in Real Economy Fully Aware That QE Is Meaningless -- Market Participants Still Acting Based on Illusion That Inflation Is Monetary Phenomenon -- Fiscal Policyâ s Track Record -- Difficulty of Measuring Fiscal Multiplier in Balance Sheet Recessions -- Tax Cuts or Government Spending? -- Oil Price Declines in Balance Sheet Recession -- Fiscal Stimulus Must Be Maintained Despite Large Public Debt -- Chapter 3: Dearth of Investment Opportunities Can Deter Borrowers -- Borrower Availability and the Three Stages of Economic Development.