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Plus side: The Fed and the Treasury need not worry much about sparking inflation as they try to stimulate growth.
"In particular, I believe that, if the challenge posed by consolidating the accounts of so many bodies and the fact that so many have a different reporting period is to be surmounted, the department and Treasury need to work together to find a solution".
He added, referring to Lloyds Banking Group and Royal Bank of Scotland: "How much more evidence does the Treasury need before it makes the banks do their basic job to save the economy, starting with the two we own which are responsible for £3 in every £5 of small business loans?
If a strong dollar is what we want, and we desperately need just that, the Treasury need only announce a dollar definition in terms of gold with the Fed's backing.
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The Treasury needs the money.
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Yet he and Harvard need not despair.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com