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... Original artilce (subscription required)

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