Balcerowicz versus Geithner
Posted by Ivo Cerckel on August 9th, 2009
World needs cuts to exit economic crisis: reformer
By Mary Sibierski
WARSAW, Aug 09, 2009 (AFP)
http://www.eubusiness.com/news-eu/1249787821.4
http://www.zawya.com/Story.cfm/sidANA20090809T030510ZROQ38/
SNIP
Governments need to stop their spending sprees and slash public expenditure to end the economic crisis, says Leszek Balcerowicz, the pioneer of post-communist Poland’s resilient market economy.
And the responsibility for limiting future crises lies squarely with policy-makers and the voters who elect them, says the former finance minister and central banker widely praised — and reviled — for his fiscal discipline.
“There is a widespread interpretation which ascribes the reasons for the current crisis to the free market,” Balcerowicz told AFP in a recent interview.
“I think that is generally wrong.”
UNSNIP
CONTRAST THIS TO THIS LUNATIC:
Congress needs to raise debt limit, says Geithner
Reuters on Sunday, August 09, 2009
http://www.business24-7.ae/Articles/2009/8/Pages/08082009/08092009_80238d316e20448ebe939ccd2e744319.aspx
SNIP
US Treasury Secretary Timothy Geithner formally requested that Congress raise the $12.1 trillion (Dh44trn) statutory debt limit, saying that it could be breached as early as mid-October.
“It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Geithner said in a letter to Senate Majority Leader Harry Reid. UNSNIP
Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/