Velasco Slides

Thanks for posting these slides. Obviously it’s ‘human nature’ for governments, democratic or otherwise, to seek to please their people with bread and circuses when they have the wherewithal and to continue with such profligacy even when times are changing by blinding themselves to the twist in the road. The message seems to be that the people are the pawns in the power game and always need protection from their governments, inclduing from their more benign instincts. Hopefully, our new government will move quickly to establish a independent fiscal council. If they don’t, questions should be asked.