Strike with massive force and plan a clear route out.4 It was an analogy that had first been invoked by Larry Summers at the time of the Mexico financial crisis in 1994. Now it became Geithner’s mantra. For him, the “Powell Doctrine applied to international finance” meant “the overwhelming use of force, with a clear strategy for resolution.” As Geithner insisted, “There is more risk and greater cost in gradualism than in aggressive action.” For Geithner and his cohorts it was clear that swift and decisive action paid dividends. Compared with the disastrous performance of the European economy,
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