American Ponzi…Larry Summers doesn’t practice what he preaches:
But defering to big banks and prefering fiscal expansion is very much a decision in the hands of Treasury and the White House. They may feel this is essential to restoring confidence, but that is not the general experience of countries facing major crises. The usual advice – given by the IMF, often at the behest of the US Treasury – is: manage an insolvency process for failed banks, precisely to reduce fiscal costs now and in the future, and to help restore confidence in the economy. Come to think of it, wasn’t this exact point made – forcefully and publicly – by Summers to the Japanese government during the 1990s?
John McWhorter on test bias against blacks:
Zora Neale Hurston had some apt words in her autobiography, Dust Tracks on a Road: “It seems to me that if I say a whole system must be upset for me to win, I am saying that I cannot sit in the game, and that safer rules must be made to give me a chance. I repudiate that. If others are in there, deal me a hand and let me see what I can make of it.”
We’re running out of money…fast. Social Security will exceed revenues in 7 years:
The Social Security Board of Trustees reported Tuesday that costs will exceed revenues in 2016 — a full year sooner than expected just last year. And total assets — including more than 70 years of “surpluses” built up in the “trust fund” — will be completely gone by 2037 — four years earlier than in last year’s report.