WHAT'S IN A NAME

He Who Knows All Things called yesterday.

"The phrase you are looking for is "Structural adjustment."

"What are you talking about?"

"The point Stan was trying to make.  What is needed is structural adjustment."

"Isn't that what I said?"

"No.  You see it is vitally important that you use the exact phrase in these matters."  You see, despite what you have implied, there are a number of people who have figured this out and they call it "structural adjustment."

"Anybody who counts?"

"Anybody who counts isn't smart enough to figure it out…but they have heard the phrase and have begun to think."

"Is that good?"

"In some cases it is, in other cases it's hopeless."

"But now with Stan…"

"Ah, Stan indeed.  This is a very formidable guy.  Larry Summers doesn't even get into the ring with him , and is a very smart guy.  The problem is those who count and would get into the ring are not Larry Summers."

"Like Janet?"

"I didn't say that."

"You mean Janet isn't smart or that Janet doesn't count?"

"What an inappropriate question…I know, I know, there are no inappropriate questions, just inappropriate answers.  Let me put it this way, Janet is going to be a good soldier unless the bullets start flying in great numbers.  But then again, she is not the stake-holder in this.  But Mr. Fisher has a big hill to climb."

"And the real stake-holders?"

"Oh stop, I don't have to tell you that."

"No, you probably don't, but what gets him to the top."

"Sadly, probably continuing failure, a Republican win in November, a combination of the same but more importantly, I think, what happens in Europe, both politically and economically.  Both are disaster areas."  The is no economic advancement with Germany now suffering from the overall malaise and France is stopped, economically.  The President today asked for the intervention of Draghi into this mess.  Curious, Draghi has been a lot of talk--very successful talk--but very little real action.  And remember, that talk was limited to the financial system which is his bailiwick.  I have a suspicion that Mario and Stan are not too far apart in their views.  Will it happen?  I doubt it but then one can never be sure."

"And politically?"

"Ask Putin."  Although it seems clear that the dogs and cats that used to be the Ukrainian military are getting some help based on their recent performance, it's still up to him.  It's quite scary."

"So, structural adjustment is the phrase of the day, eh?"

"Indeed, but use it wisely, otherwise Mum's the word."