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They are the only way in which the system can purge its excesses.
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Instead, central banks should permit some short-term cyclicality in order to purge the system of excesses.
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The same thing happened in 2009 and 2010, and will continue to happen until the system is allowed to purge itself.
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And it must run on diesel five minutes before shutting down to purge the system of grease, which can clog fuel lines, filters and injectors.
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Indeed, Mr. Osborne seems so confident that the slump is largely cyclical, the result of a euro crisis-induced slump in net trade, rather than structural that last month he flatly rejected a Bank of England recommendation to recapitalize the banks to purge the system of bad debts.
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If the catharsis theory were true, he said, football players should be less aggressive after a game, because they've been able to purge it from their system.
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But the new system offers the Blair government one significant bonus a chance to purge the European party of old Labour dissidents.
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On Sunday Mohammed Boniadi, the deputy head of Teheran's school system, announced that starting in the fall, a thousand clerics will descend on the schools to purge Western influence from the halls of learning.
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