Nick Carn, the founder of Carn Macro Advisors, has coined a phrase for what many are saying needs to happen in order to contain the Eurozone crisis.
Carn says we need a “Paulson moment,” between politicians and fiscal policymakers in Europe.
The first “Paulson moment” occurred when then Treasury Secretary Henry “Hank” Paulson got down on one knee to House Speaker Nancy Pelosi to try and secure the Democratic Party’s support for the TARP package.
Now many agree that we need another. But despite repeated warnings from George Soros, Jean-Claude Trichet, Christine Lagarde, and many economists, no authoritative leader has said that the Euro crisis requires decisive action and no one has begun implementing it.
Instead incremental changes are made, while the calls for implementation of a solution to the Euro crisis grow louder. In fact, Lagarde just tweeted, “Now is the time for implementation.”
There remains a critical divide between the belief that the Eurocrisis requires big, sweeping action, and the belief that time will provide more clues about what to do.
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