Who is Richard Koo?

Richard Koo is the most important economist of our time, the smartest guy in the room.

"He distinguishes between the “Yang” phase of the economy and the ”Yin” phase (the so-called “balance sheet recession”). In “Yang” times companies want to increase profit and people consume a big part of their pay rises. In the “balance sheet recession/Yin” phases economic actors want to reduce debt and costs. Many economic principles are only partially or not valid at all.  Their underlying assumptions, that firms want to maximize profit and that the propensity to consume is considerably higher than zero, are not valid."
--http://snbchf.com/balance-sheet-recession/