Governments Have No Plan For Coping With The Crisis

planIn the News (from A Fistful of Euros): The Ruble Fall Continues As Unemployment Soars” The Central Bank does not rule out the possibility of a new wave of the crisis erupting in the banking sector, the bank’s Chairman Sergei Ignatyev told the Russian State Duma on Friday. …First Deputy Prime Minister Igor Shuvalov told the State Duma today, “The crisis will continue for three years, of which 2009 will be the most difficult… We must be prepared for further economic decline.”

My Comment: Neither the government nor the experts have any plan for coping with the crisis. And they can’t have a plan, because the plan must be based on the knowledge of the final state and of the path to get there, and no government in the world has either of these!

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