### Comment:
How is lowering rates insurance against the liquidity problem? Doesn’t it just push it out further? Say 2021? Or is that too far out to care about?

### REPLY:
Krugman's recommends fiscal and monetary stimulus to reach escape gamma. Monetary stimulus alone will not work. 
  
 It's when you apply the measure. If you're in a trap, it's too late for monetary stimulus.

### END.