How Summers reached the conclusion that the market is not inherently self-stabilsing, despite the fact that the government has been interfering with the market since day one of the recession,so there is no empirical basis for his charge, was not made clear by Summers.
The charge appears to be nothing but a sneaky way to demand even more government interference with the economy. This time on a global scale.
While this international interventionist spreads his propaganda, MSM plays along in embarrassing fashion. FT in the same sentence that reports Summers stating that markets have been dealt a fatal blow, writes:
Widely seen as being among the most pro-market voices in the White House, having been Bill Clinton’s last Treasury secretary in the 1990s...If Summers is in any way pro-free market, then we might as well go ahead and call Eliot Spitzer a virgin.
The nonsense in the FT article is astounding:
The US administration had no choice but to take strong public action to “save the market system from its own excesses”, he said.The market excesses? This after Alan Greenspan printed money from the day he started at the Fed to the day he left, which of course fueled the "excesses". And this is somehow the fault of the market, and not the Fed?
Summers is calling for Keynesianism on steroids:
There’s no place that should be reducing its contribution to global demand right now. It is really the universal demand agenda...The right macro-economic focus for the G20 is on global demand and the world needs more global demand.Yup, taking money from the private sector and running it through governments around the global, helluva plan. Bernie Madoff, eat your heart out. This is what a big time global rip off really looks like.
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