• An undifferentiated rush to austerity is self defeating
  • Sees some encouraging signs on US economy
  • US has large stake in European crisis outcome
  • Time has come to increase IMF firepower

Good luck on that last point, sweetheart. More money for the IMF, which will rightfully be viewed as headed to Europe, will be a non-starter in an election year, especially with unemployment still quite high in the US.