If Only the Treasury Were So Clear!

Philip M. Hildebrand, Vice-Chairman of the Governing Board of Swiss National Bank, gave a speech in Geneva recently addressing the costs of the financial crisis. He outlines the potential consequences on jobs, output, wealth losses, increases in public spending, loss in public revenues, and, most disturbing, the explicit guarantee governments have given to ’systemically relevant institutions.’

Citizens around the globe, he argues, are going to be footing the bill.

Click here to read full text of “Policy Implications of the Financial Crisis“.