A couple articles predicting impending economic shock:
Yesterday I was watching a clip of “This Week With George Stephanopoeus” which had Paul Krugman as a guest and I read Larry Summers’ new article in the FT and when you look at what their economic prescriptions are it’s clear they only see two options: borrowing or depression. For these guys there are no other options and I realize that they have no concept of the “end game”. When your options are borrow and be happy or don’t borrow and suffer, the choice is a no brainer. But, there are more than two choices. A sovereign can’t borrow forever. There comes a point when they can’t and then the end game sets in which is far more horrific than any pain caused by “austerity.” Let’s not pretend that there are only two plausible scenarios out there.
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