Meaning the real problem is government

The Return of Fiscal Policy

What Jim O'Neill is referring to a consensus, whatever ails us has to do with government.     Every tribe will interpret that consensus differently based upon priors.

Jim's group interprets that to mean, more deficit spending on stuff they want deficit spending for.

For my group, the problem implies putting the large government agencies onto cash flow accounting, buy off Congress for long term Fed independence, and look forward to a contract renewal in 15 years. Otherwise, the fiscals are on their own, make or break; the Fed gets out of the failed state business over the short term. The fiscals have to survive 15 years with an almost normal currency banker.

We aim to correct one tiny source of imbalance, the 'This time is different' fraud.