About credibility

There's always more than one side to a coin, it smells bad whenever only one side is shown. Whenever the same story is repeated over and over by different voices it means that somebody already analysed both sides and made their choice for their own benefit.

Greece should default and the rescue funds are bound to fail, idea defended by Martin Feldstein. But at the same time this can have a domino effect for Italy and Spain and a devaluation battle didn't help anyone in 1930.

"The only way the dollar is going to strengthen significantly is if the Federal Reserve begins to aggressively tighten monetary policy, which means raising interest rates, or if a major global economic catastrophe hits the economy, such as several EU countries entering into default at the same time."  citation

The endless repetition of history

"When the situation was manageable it was neglected, and now that it is thoroughly out of hand, we apply too late the remedies which then might have effected a cure. There is nothing new in the story. It is as old as the Sibylline books. It falls into that long dismal catalogue of the fruitlessness of experience and the confirmed unteachability of mankind. Want of foresight, unwillingness to act when action would be simple and effective, lack of clear thinking, confusion of counsel until the emergency comes, until self-preservation strikes its jarring gong - these are the features which constitute the endless repetition of history." --Winston Spencer Churchill, May 2, 1935