The absurd comment of the week goes to Larry Summer for his statements on the irony of the financial crisis.
Anyone who thinks the cure is the same as the disease (as Larry Summers clearly does) is incompetent (at best).The central irony of financial crisis is that while it is caused by too much confidence, too much borrowing and lending and too much spending, it can only be resolved with more confidence, more borrowing and lending, and more spending. Most policy failures in the United States stem from a failure to appreciate this truism...
I found the reference when Zerohedge posted the Summers link with no comment. I suspect the Summers comment was so asinine that ZH did not even see a need to state it. Because he did not comment, I will.
Peter Principle in Action
Larry Summers may be one of the best examples of the Peter Principle that you can ever find.
However, I suspect a case can be made that Summers did not rise to his level of incompetence, that he was never competent in any position, ever, and that he got where he is out of sheer luck, birthright or some combination thereof.
Jim Chanos Says China Slowdown has just begun.
There is not much new in the video actually. I just happen to think he is correct.
The link came in an email I played while stuck in an airport on a plane delay back to Chicago.
URL if video does not play: http://www.macrobusiness.com.au/2011/10/chanos-china-slowdown-just-beginning/
Mike "Mish" Shedlock