11.   But Krugman wonders whether America is so immune from the perils of liquidity traps, even if policy-makers take the right steps.

12.   For him, liquidity traps can almost always be avoided, however possible they might be in theory.

13.   He concluded that a liquidity trap was possible after all.

14.   Japan is caught in what some economists might call a liquidity trap.

15.   Now an economist suggests that a liquidity trap is a distinct possibility.

16.   Some economists argue that Japan is now in a liquidity trap, in which worried consumers hoard rather than spend any increase in the money supply.

17.   This is characteristic of a liquidity trap.

18.   Today, however, the deeply troubled Japanese economy, which has effectively been in a recession for a decade, is essentially in a liquidity trap.

19.   Well, what you have just read is an infantile explanation of what a liquidity trap is and how it can happen.

20.   Economists have indicated that Malaysia could soon be facing a liquidity trap, in which banks refuse to lend at all for fear of incurring further bad debts.