Opinion: (Timothy Geithner, the U.S. Treasury Secretary): “Geithner said the United States must strengthen employment, Europe must act more forcefully to quell its debt crisis and China and other emerging markets should strengthen domestic demand and allow their currencies to rise more rapidly.
“‘The imperative remains to strengthen economic growth. Fiscal policy everywhere has to be guided by the imperatives of growth.’…
“‘In early 2009, the world showed remarkable unity and deployed remarkable financial force in rescuing the global economy,’ Geithner wrote. ‘The challenges now are different and cannot realistically be confronted by a repeat of that coordinated global response of financial stabilization and fiscal and monetary stimulus.’”
My Comment: Unfortunately, he is dead serious about this! Meanwhile, we feel the crisis namely because we are applying these old methods of our connections to the new mutual ties that manifest now. The old economy did not take into account reciprocity, but only personal gain, and that is why it does not work in the new network of connections.
To put efforts into the application of old methods means to accelerate the crisis. Possibly, this is good since it helps to hit bottom sooner, analyze the reasons, and find the way out, but it is the path of suffering rather than correction.