Ken Rogoff is glad Californians pay a 22% premium for Fed bailouts

The U.S., of course, is on an unsustainable [ debt] path of its own. We have only, perhaps, five to ten years to make a significant correction in our fiscal policies. But the timing of crises is very difficult to call. It’s like a heart attack. A good cardiologist can assess someone’s risk, but it’s very difficult to predict the timing.

He starts with this gem in an interview with Time Magazine. Then he barely  identifies the network distortion:

But during the boom, instead of saying ‘Gee, the housing and financial industries seem bloated,’ many policymakers concluded that they were running the economy brilliantly and the new normal for unemployment was around 4.5%

Then admits his ignorance of the new theory, pointing out he is glad the Fed makes things worse:

Throughout the financial crisis, recession and recovery, the central bank has been used as an end run around Congress, as a tool of fiscal policy. And we should be thankful for it. The Fed was able to act when Congress and the Treasury were paralyzed.

These are not cycles, bozo, they are links that we agents break because of ignorant economists like himself.
Congress will go broke a lot sooner than the 5 years he specifies.  The Treasury maturity is nearly 5 years, and it has been 3 years since his policies have dropped another $20 billion in unnoticed debt service on the large  bankrupt states who subsidize his nonsense.  That debt is due about today, and California does not have the money,
Notice Rogoff supports dictatorship by elitism.  He is paid by finance to lie and force Congress to insure against default.

Ken Rogoff is one of the economists who will be deliberately ignorant of the point when the link breaks and we get a second crash.