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
Globalization in Retreat
The recent crisis has weakened the position of globalization supporters and brought about a rethinking of uncontrolled market forces being the best way of running the world economy. Pres. Obama needs to have the best economic brains provide a new approach, not just try to sell a model that has been found wanting. There are benefits of free trade, but these benefits must be spread out more fairly, especially weighted to benefit the poorest more than the already very rich. Only then can we hope to get the rest of the world behind us.
Tropical evenings, French windows & Mosquito-nets
The idea of a tropical evening evokes nice cinematic images: the ocean breeze fluttering the curtains of the french windows - as the flowering trees lend that exquisite fragrance to the breeze filling in the ornate room! Belonging to the billionaire's club has its benefits. With no allusion to Italy - there are other things that go with a complete cinematic picture here. Mosquito- nets, enough cash and credit cards that do not go debunk because of local banks and their failures; the protection of anonymity (being a wealthy stranger as a tourist) and not worrying about the paparazzi preying around, while condoms are universally advised tour-protections globally by now! Of course, having someone ward off the hanger-ons of drug-addicts, petty criminals, etc. (may include the political class of that state). Now, translating the above imagery along with its protections make sense here. Globalization - seen as a nice tropical vaction - with the necessary screens makes sense. How that is done - is well - for the billionaire to decide!
Altman laments deceleration of worldwide Ponzi Scheme
Altman, don't you know that signing everyone up in a global ponzi scheme is not sustainable? Somebody has to lose in a Ponzi scheme...a lot of somebodys. Have you not positioned yourself close enough to the top of the pyramid and that is why you are crying?