The Warnings

The Frontline broadcast, "The Warning," obviously suffers from the non-participation of three key players; Treasury Secretary Rubin, his successor Larry Summers and former Fed Chief Alan Greenspan. It's nevertheless worth watching and, thinking ahead, quite chilling. You can feel the same mistakes re-gathering. You can hear the same wishful thinking. You can see it all unfolding again and faster.

Martin Wolf addresses this issue (what do we do now?) forthrightly (as ever). It's worth reading. I suspect that everyone will agree with him and simultaneously ignore everything he says.