“How did Japan manage to delay painful and destabilizing change? By employing the so-called Bubble Fix, a term popularized by former Morgan Stanley economist Stephen Roach, whereby central bankers and government officials soothe markets with monetary and fiscal stimulants in the short run in ways that create financial imbalances in the long run, essentially curing bubbles with new ones.”

“How did Japan manage to delay painful and destabilizing change? By employing the so-called Bubble Fix, a term popularized by former Morgan Stanley economist Stephen Roach, whereby central bankers and government officials soothe markets with monetary and fiscal stimulants in the short run in ways that create financial imbalances in the long run, essentially curing bubbles with new ones.”

— William Pesek