“Derailments” or “train crashes” are well-used tropes these days when worthy spokespersons of worthy institutions advise us how to dig ourselves out of the increasing impasse in world trade. Going off the rails is one that David Lipton, deputy managing director of the International Monetary Fund uses. In more sophisticated language he went on to say in a speech in Washington yesterday:
“The case for more forceful and concerted policy action has become more compelling. Now is the time to decisively support economic activity and put the global economy on a sounder footing. This requires some tough choices.”
But what are these “tough choices”? He doesn’t say. He obviously doesn’t know what they might be. Until these worthy experts can cme up with a believable model of what precisely is going wrong and what precisely might be offered as one or more solutions, wouldn’t it be nice to have a rest from these institutional voices?