COMMENT From Mr Samuel Sherraden
Sir, Richard Bernstein (“America is for now still blowing bubbles”, July 21) is correct that the US economy looks like a California roll: fundamentally Japanese but with American characteristics. But the answer to this bubble dependency is not to choose austerity. A better policy response would make the transition away from the Japanese-American “California roll” economy to the old-fashioned, productive, investment-based US casserole economy.
