Derivatives can save US economy from the fiscal cliff.
The annual American budget ritual between Pennsylvania Avenue and Capitol Hill is a sight to behold in the politics of imperial economic indiscipline. It is a no holds barred, guard-less rugby with no rules. There are neither budget constraints nor time deadlines. Pay-go acquires a new meaning: keep borrowing as the country needs money because America is the only game in town.
Government departments sit on the edge in anxiety, as furloughed workers wait for their paychecks once the Treasury gets the money to sign-off on the checks after its chief signs-off on the crisp new dollar bills and/or US debt. Neither the Congress nor the President are anxious, for the tug of war is about looking good before the next election day. Government reform is but a circus for the bitter medicine to go down with a spoonful of sweet talk…
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