Let the Year of the Ox begin!

As the Year of the Ox is about to begin (January 26), I hope the anxiety and fear from the Year of the Rat will give way and in its place confidence will re-emerge.  In our complex economic world, theories were tested; experiments were made.  Some of them failed; some were derailed; some still look for validation.  We are traveling in uncharted waters as the magnitude of deleveraging is unprecedented.  To avoid an outright liquidity trap now and to protect the economy’s long-term growth viability after a huge run-up in public debt, a new course has to be mapped based on integrated political