Never waste a crisis. That just makes the next one inevitable and probably worse.

In America today the truth is often easily seen:  statements of the obvious or about the inevitable attract the loudest criticism.  So it was at the start of the financial crisis, when  Rahm Emanuel, Obama's chief of staff, told a  conference of top corporate chief executives in November 2008. "You never want a serious crisis to go … Continue reading Never waste a crisis. That just makes the next one inevitable and probably worse.

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American States on the brink of financial catastrophe

In the third year of the worst recession since the 1930's many States totter on the brink of catastrophe, after generations of imprudent management.  Ahead lie even greater challenges, as employees cash in on their insanely generous pensions.  A few charts tell the tale -- showing America's most profligate states -- from "The State of California … Continue reading American States on the brink of financial catastrophe

A great speech by the PM of Greece. How soon until an American President says similar words?

A great speech, more powerful and truthful by far than anything said so far by President Obama.  Truly the sight of the gallows focuses the mind.  How soon until an American President says such things?  Not long (and only if we're lucky), unless we get smart and work together.  Note this was a speech not … Continue reading A great speech by the PM of Greece. How soon until an American President says similar words?

News from the front lines of the economic wars

A brilliant and provocative but pessimistic analysis by Albert Edwards of Société Générale:  "To cut or not to cut? Actually it doesn't really matter. We're stuffed anyway!", 12 February 2010.  With links to even better analysis by Richard Koo.  Must-reading for anyone seeking to understand this crisis.  Excerpt: About Europe My own view of developments, for what it is worth, … Continue reading News from the front lines of the economic wars