The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar.
Comments
BBC World Debate
I thank Dr. Ferguson as the only panelist to suggest Statist responsibility for the conditions that led to the 'economuc crisis' when the others dismissed the subject as "blaming and finger-pointing." To acknowledge the State as a prime root cause would invalidate the accelerated, exagerated power grab by the State(s). The subject of greed was brushed upon, but nobody pointed out that the only check on greed is risk, and when the State artificially masks risk, then greedy behavior proceeds beyond the point where free market forces would limit it or lead to the demise of reckless risk-takers. I'd be honored if allowed to send a short paper I wrote on the subject, lest it be of interest.
Regards,
Rob Fox (fobrox52@yahoo.com)