by Gene Callahan
Let’s say you are suffering from a moderately severe cold; you’re operating at, say, 90% of your peak energy level, and so you go the doctor to see if he can help get you back to 100%. After examining you, the doctor says:
“The point of our therapy is to approach the current malady in the spirit that we’ll do whatever it takes to turn things around; if what has been done so far isn’t enough, do more and do something different, until health starts to flow and the patient starts to recover.”
Wouldn’t you be inclined to sprint out the door? You’re not feeling that badly, and yet this doctor is proposing to just try some remedy, whatever it is; if you get worse, he’s going to do even more of something else that pops into his head, and just keep treating you like a lab rat until you either get better or expire. This might be the proper course of treatment for someone who is terminally ill and about to pass on any day, but certainly not for someone who is just a little under the weather.
But what if it’s the economy that’s operating at 90% or so of its capacity, what with 10% unemployment and a 5% or so drop in output? Here’s what our Nobel-prize-winning doctor prescribes:
“The point of all this is to approach the current crisis in the spirit that we’ll do whatever it takes to turn things around; if what has been done so far isn’t enough, do more and do something different, until credit starts to flow and the real economy starts to recover.”