Larry Summers, the acclaimed Master of Disaster himself, has seen fit to weigh in on the Euro Mess.
And while we must never forget Larry’s role in ushering in the Age of Unquantifiable Shadow Banking and the Freedom from Responsibility in Derivatives Act, we can’t blame the guy for wanting to throw on the tuxedo and step out in style every now and then.
But the former White House economic adviser and current “venture capitalist” Summers does give good quote. Here he is weighing in on the half measures and stuttering incrementalism that is currently crippling Europe’s economy:
Referring to Greece, Summers said, “We are discussing a broken ankle in the presence of organ failure,” he said. “If a generous sovereign from Mars paid off Greek debt, the fundamentals of Europe in crisis would not be altered.”
Summers has now styled himself as “The Paul Revere of the Global Economy” according to WSJ’s David Wessel. How nice for all of us. If only we had a Paul Revere back when Larry was running the show and presiding over the end of Glass-Steagall, the Commodities and Futures Modernization Act, etc…