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In complex fields such as finance and economics, a common blunder involves a mix-up between the destination and the journey. A showcase cropped up during the financial crisis of 2008 followed by the debt crisis in Europe. Among the welter of muck-ups, one sample was the knee-jerk reaction of the policymakers in propping up the market for sovereign bonds in Southern Europe. According to the rhetoric, a formal default by Greece or any nearby country would shatter the common currency on the continent, which would in turn clobber the regional economy as well as the entire planet. With a bit of reflection however, it was clear that none of these claims were valid.No doubt some of the actors in the public sector were taken in by the flaky arguments. If so, the flub stemmed from a patchy grasp of financial and economic issues. An example lay in the proper role of the banking industry in the economy as a whole. Another instance concerned the true purpose and significance of a currency union across neighboring countries.Amid the din and smog, the politicos plundered the public treasury in order to prop up the battered securities. Sadly, the rash move was a huge waste of the taxpayer’s money. Worse yet, the boondoggles hobbled the real and financial markets, thus ensuring that the entire society would lose trillions of dollars worth of income foregone due to a crippled economy.In any field of human enterprise, a solid grasp of the means and ends is the first step toward drumming up a cogent strategy while cutting down waste and beefing up productivity. The next step is to thrash out a trenchant plan that exploits the opportunities and avoids the pitfalls. The third task is to put the resulting plan into action with gumption and dispatch.

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