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Living on the Cusp of History

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By Barry Ritholtz - February 7th, 2009, 6:15AM

Martin Wolfe suggests the following:

First, focus all attention on reversing the collapse in demand now, rather than on the global architecture.

Second, employ overwhelming force. The time for “shock and awe” in economic policymaking is now.

Third, make future normalisation of fiscal and monetary policies credible.

Fourth, act in concert. Even the US cannot solve its problems alone.

Fifth, avoid protectionism.

Sixth, strengthen the ability of global institutions to help the weaker.

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Source:
Why Davos Man is waiting for Obama to save him
Martin Wolf
FT, February 3 2009 19:08

http://www.ft.com/cms/s/0/4a44f222-f221-11dd-9678-0000779fd2ac.html

PERMALINK

One Response to “Living on the Cusp of History”

  1. KJ Foehr Says:
    February 8th, 2009 at 12:22 am

    1st – stabilizing the housing market and prices would be better

    2nd – yes, they will do this; the money bomb will eventually create much inflation (and higher interest rates) as surely as the cart follows the ox.

    3rd – irrelevant BS

    4th – partially achievable

    5th – unlikely; it’s already started

    6th – who’s going to help the stronger so they can help the weaker?

    Bottom line: we are not going to be able to fill the prescription: hard times ahead as far as the eye can see.

    The good news is adversity builds character and we sure as hell need more of that.