But good macro is preventative more than it is curative. What I'm talking about here is crisis management, and you don't need good macro models for that - all you need is a firm political will to screw over bondholders and use the power of the sovereign to restore full employment. After you've arrested the rise in unemployment, you can start firing up your macro models to develop medium-term policies.

- Jake

Friends come and go. Enemies accumulate.