Trying to issue credit into a recession a refusal to admit to the reality that you cannot push on a string ...

... we need effective fiscal stimulus to address a deep recession of this sort in order to create a bottom as soon as possible, and throwing money into insolvent institutions so that they can burn through it simply undermines the capacity to do the public finance required by the stimulus.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

Don't know about the rest of the world, but here they made obscene profits off the backs of the workers from the 1970's on and when we couldn't afford things they lent that profit back to us with interest and we depended on loans to pick up the slack our wages didn't pay for.

Something tells me this is just the fall before the rise of a global currency.

Textbooks will recall this time as "The Monetary Revolution" and forget (like the EU transition) about those who resisted being brought under a single currency and giving up a piece of our sovereignty.

"Every normal man must be tempted at times to spit on his hands, hoist the Black Flag, and begin to slit throats."- H.L. Mencken