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"The backlash would be almost uncontainable," says BOE deputy governor Tucker, if another bank...
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Friday, October 12, 2012, 9:46 AM ET"The backlash would be almost uncontainable," says BOE deputy governor Tucker, if another bank were to be bailed out. The favorite to take over as the next head of the BOE, Tucker says it's in banks' own interests to work with regulators on setting up "living wills" to obviate the need for any more rescues.
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Still, one wonders. If we tip into another world-wide recession--it appears Europe is already there, what ammunition do the Keynesian Central Bankers have left? It's as if, in fighting the war, the general gave the order to fire "at the first sign of the enemy" rather than the prudent "when you see the whites of his eyes." Now the economic enemy is all around us and we are out of Keynesian ammunition.
Try non-Keynesian defenses?