It is no wonder that liberal billionaires ask that we lift the combined total of state and federal income taxation over 50%; unlike small entrepreneurs and highly productive laborers, they are mostly untouched by the tax on income.
The recent crisis was a failure of risk management -- a diagnosis widely shared among the members of the IIF. But we are also starting the next crisis: the public finance crisis in Europe, the United States and Japan.
It should be said that economists have perhaps never felt the way they feel now. Never before have they felt so central, so needed, so powerful. They say "crisis" with a religious and perhaps even sexual fervor.
Greece indeed is being offered a financial aid package of around 22 billion euro, but no funding will be made available until the country fails to find funding elsewhere, entirely obviating the point of the bailout.
There has been little change in personnel and no acknowledgment of error at the central banks whose incompetence was responsible for the crisis. At the top of the list of villains in this story is the IMF.