The Untouchable Pyramid
The dollar and the shadow banking facilities
When a new U.S. president takes office, legend has it they’re greeted not by celebration, but by a discreet visit: serious men, dark suits, black briefcases.
The message is blunt: don’t dream of cutting government spending. Shift things around if you want, but for every cut there must be at least as much new spending elsewhere. In practice, that’s how i…
