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Usurping the entire conventional wisdom and displacing at least a plurality of the quacks currently in central advisory positions in treasuries and central banks around Europe is a major and long-term task.

Unless we get substantial relief from the costs of Austerity in the short term, there will be no long term in which to accomplish long-term tasks. A couple of rounds of competitive devaluation would provide such short-term relief.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 28th, 2014 at 05:55:45 PM EST
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