Usurping the entire conventional wisdom and displacing at least a plurality of the quacks currently in central advisory positions in treasuries and central banks around Europe is a major and long-term task.

Unless we get substantial relief from the costs of Austerity in the short term, there will be no long term in which to accomplish long-term tasks. A couple of rounds of competitive devaluation would provide such short-term relief.

- Jake

Friends come and go. Enemies accumulate.