Wednesday, March 11, 2009
geithner flying solo
It also emerged that Gordon Brown, UK prime minister, was struggling to organise the [upcoming G20 London] summit. Britain’s most senior civil servant claimed it was hard to find anyone to speak to at the US Treasury. Sir Gus O’Donnell, cabinet secretary, blamed the “absolute madness” of the US system where a new administration had to hire new officials from scratch, leaving a decision-making vacuum.
“There is nobody there. You cannot believe how difficult it is,” he told a conference of civil servants.
trying to manage the onset of a depression and the most massive debt issuance in american history without a treasury department? what a country! why not try blindfolded in a straitjacket dangling over a shark tank from a burning rope?
UPDATE: more from willem buiter.