Tuesday, 5 January 2010
The Quiet Coup
If you don't trust my opinion, how about this guy then? Simon Johnson, a professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008.
In this article he describes what the IMF sees over and over from countries in dire straights who show up at their door looking for assistance to get out from under their problems. Then he compares what he sees in the USA with those experiences, and sees no difference. My take is that if he started talking about the UK as well, he would see the same things again of course -- but that we don't have the US privilege of printing our own currency to pay off our creditors, so you can easily argue we are in a worse position and fading confidence is all that keeps our economic wheels on the bus currently.
This is a fairly long article, but I believe any inquiring minds among you will find it interesting reading nonetheless.
The Quiet Coup - The Atlantic (May 2009)