Comments are now coming in from those in central banks and governments, which ones I will not mention. They can see the proposition, but ask how can we actually reach the proposal? I do not expect that we can create such a reform without the pain. In the United States, we would need a constitutional amendment to repeal the 13th Amendment. That becomes possible ONLY in the middle of a crisis.
I reported in the Greatest Bull Market during 1931 chapter that on the “very floor of the Congress echoed words claiming that even a dictatorship was better than the pains of depression.” Turn up the stress and you will accept anything to stop the PAIN. This type of political change becomes possible ONLY during a crisis. This is the Wave of Creative Destruction.
So what seems impractical today suddenly becomes the answer just like TARP. They pass something in 2 days not even knowing the details. So practical flies only in a crisis – not now. All we can do now is start the debate so the IDEA is out there. This is why I moved the conference up to set this in motion BEFORE the crisis hits.