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The book would benefit from more explicit recognition that America's prosperity depended far more on the millions of citizens taking daily risks for the chance of a better future than on any government official.But it is clear that Americans were lucky, with a treasury secretary committed to fiscal rectitude, international stability and free trade.
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He sought to prove a commitment to fiscal rectitude and economic reforms, even though EU fiscal rules were inept and impossible to meet (France will breach the 3% deficit rule this year), but German scepticism was impossible to overcome.
"It's a strong incentive to get the candidates to commit to fiscal austerity," he said.
That is yet one more reason why their claims to fiscal rectitude are so unbelievable.
Finally, Republicans are shifting their emphasis from tax cutting to fiscal rectitude.
Unfortunately, many politicians and policy makers used the Greek crisis to hijack the debate, changing the subject from job creation to fiscal rectitude.
There are good historical reasons for this passionate adherence to fiscal rectitude, rooted in the causal link between deficits, runaway inflation, and the rise of the Nazis.
The Americans said growth should take priority over deficit reduction; the Germans, backed by the British, said that without a rapid return to fiscal rectitude there could be no sustainable growth.
Unlike the Republicans, of course, the Blue Dogs have real street cred when it comes to fiscal rectitude.
The president still seems curiously hamstrung by his Herbert Hoover-like devotion to fiscal rectitude: he wants to spend but not add "one dime to the deficit," as he announced at his Congressional address on health care in September.
But it is hard to commit today to practice fiscal rectitude tomorrow.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com