Extraordinary circumstances need extra ordinary measures

There is this whole debate about Politicians. Can politicians run the economy of a country? Or to be more direct – Can Obama pull out US from the mess?

History tells us that it is possible for politicians to salvage the economies from deep recessions. Take the case of Margaret Thatcher in 1970s. She found that the inflation and unemployment were high and quickly realized that Keysian theory works no longer. She showed her cabinet the book “Road to Serfdom” by Friedrich Hayek and said this is the one to follow. She let the market forces take control. The economy became worse until it became worse. The principles were also accepted and followed by Ronald Reagan.

In the recent times, the right formula for bail out packages is attributed to the British Prime Minister Gordon Brown. When the intelligent economists of US were discussing pumping in public money for absolutely no return, it was Gordon proposed and implemented equity participation of public money. He showed the way to US and other developed nations in economic mess that public money should be spent with potential profitable bets.

I hope Obama and his coterie can repeat history!

Extraordinary circumstances need extraordinary men who take extraordinary measures for extraordinary results.