He urged policymakers to “think the unthinkable” and prepare now for what they would do if the worst case scenarios materialised and “low probability but high impact events” threatened to jeopardise global financial stability.”
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Unthinkable....well, a good start would be to kick all the bums off welfare, shut down the Endowment for the Arts and similar tax guzzlers, lock the border down, and let the greedy folks who knowlingly bought more house than they knew they could afford take their hits.
The problem is that entitlement interests are so deeply entrenched that the system would have to totally collapse before they are dismantled. I personally think it will take mobs of starving citizens storming the Capital before things like prescription drugs for seniors and the NEA are jettisoned. It may sound apocalyptic, but I can see it coming to that. Inflation will spike, wages will not, and this braindead “stimulus” package will do no good at all. Bernake and his ilk are trying to stimulate us out of this mess. The problem is that if people have to pay triple for gas and food, they won’t have $$ for much else.