Financial Crises Require Governments.

The Substantial Uncertainty About The Path Of Asset Price Movements Going Forward Necessarily Reduces The Case For Altering Policy In Advance Of The Move.

Monetary Policy Itself Cannot Sensibly Be Directed At Reducing Imbalances.

Never Before In Modern Times Has So Much Of The World Been Simultaneously Hit By A Confluence Of Economic And Financial Turmoil Such As We Are Now Living Through.

If You Don't Try To Generate More Revenues Through Tax Reform, If You Don't Ask, You Know, The Most Fortunate Americans To Bear A Slightly Larger Burden Of The Privilege Of Being An American, Then You Have To - The Only Way To Achieve Fiscal Sustainability Is Through Unacceptably Deep Cuts In Benefits For Middle Class Seniors, Or Unacceptably Deep Cuts In National Security.

The Plausible Outcomes Range From The Gradual And Benign To The More Precipitous And Damaging.