- Joined
- Apr 2, 2005
- Messages
- 14,970
- Reaction score
- 2,154
http://www.cnbc.com/id/37570408
According to Colas, policymakers have been trying to do too much by socializing losses among taxpayers over generations.
While this may be harmless on the surface, as it “spreads the pain”, it destroys market confidence (indicative by the equity market sell-off, and flee from euro zone assets in recent weeks.)
Instead, Colas argues that policymakers should be fending off financial crises like they would fend off a zombie attack: save those people you can, and resign many to die.