Deal or No Deal... Nothing Was Fixed.
January 2, 2013 - 5:36pm
By BusinessInsiderA month back I warned that the US political class was adopting the very same tactics employed by EU politicians in combating our growing economic/ financial problems. Those tactics are as follows: Stage a meeting/ talkSpread rumors that a solution had been reached (verbal intervention to prop the markets up)Fail to address any real issues or provide solutionsEnd the meeting with a PR campaign that much was accomplished without providing any detailsWait for the markets to realize that nothing was fixed and fallRepeat the whole process over again This strategy has allowed EU officials to drag out the Greek issue (a country whose economy comprises only 2% of the EU’s GDP) for over two years with little political consequences for the key players. Seeing this, the US political class is now employing these tactics in full force as revealed by the fiscal cliff debacle. Regardless of one’s political affiliation or beliefs, from an economic and fiscal perspective, the cliff deal has accomplished nothing of iContinue reading this article »