Tuesday, December 20, 2011

Is Hank Paulson's Bazooka
Between Meaningless & Dangerous?
MIT's Simon Johnson (MAA) does not think the latest rounds of "bazooka" rescue plans for Europe's debt crisis will work - thinks the proposals are somewhere between meaningless & dangerous .. "The good news is that it will not happen. The bad news is that no one is prepared for the real consequences of the bazooka proving to be illusory .. The bazooka is a reference to former U.S. Treasury Secretary Henry Paulson, who famously remarked in 2008 congressional testimony: 'If you’ve got a bazooka, and people know you’ve got it, you may not have to take it out." .. concludes: the age of global bailouts seems to be fading, the 'bazooka standard' is about to collapse.
Link here to the essay

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