he would have learned more by being a trader on an institutional desk, before going to the Federal Reserve, and being an academic have you noticed how he always has that story of his thesis work being circulated?, so, pretty valid question, whether he is some expert, perhaps familiar, but what lessons is he bringing to bear? what speeches has he given to provide some of that incredible insight so the American people can beneft?
That Australian professor had some good points about the ''debt disease'' & the great depression, in America. Australia had their share of droughts also. Also he could have admitted the debt in America wasnt really the only big problem in Australia or America. Nor was global warming the problem in the 1930s, it was drought/dust bowl also. So reguardless if he is, or is not ,an expert on depressions; he has enough sense not to pretend he can control/change the climate.
debt deflation is very really and very dangerous, especially in fractional-banking, money-supply growth dependent economy. However, so is financial instability (in any type of banking system). You can not argue against these and is the reason both of these topics have been address deeply in the last two years of monetary policy by the federal reserve and have possibly dodged a depression by attempting to restore both. Have they succeeded is the question that will be answered over the next decade and will be the topic of study for the rest of the century.