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My take on the (d)evolving situation in Greece

Jared Bernstein Posted by Jared Bernstein.

From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, executive director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team.

Over at MSNBC.

Over at MSNBC.com, or you could just go with the summary by renowned international economist Dr. John: “refried confusion is makin’ itself clear…wonder which way do I go to get on out of here!”

Or, to add a level of complexity, to conflate insolvency with illiquidity is to ask for a protracted mess that delivers more pain than relief.