It is a pleasure to be in Nanaimo at the Vancouver Island Economic Summit. With British Columbia serving as Canada’s gateway to Asia, you are well aware of the interconnectedness of the global economy. To the benefit of billions of people, goods, capital and ideas flow across borders as never before. Unfortunately, so too does angst. This is my topic today. While the “Great Recession” is over, what has followed is an unfamiliar process of repairing public and private balance sheets across advanced economies. The depth and duration of this deleveraging are unclear. Deleveraging is holding back the global recovery and ... (full story)