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.
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Russia in the US media
Unfortunately, the broader US audience is not really aware of what is happening in Russia in reality.
The "Russian soul" continues to be 'tera incognita' for the broader audience in the USA. Even when Condoleezza Rice was State Secretary, with all her knowledge about the Soviet Union, even then we were witnessing statements about Russia, which - to the Russian ear - were quite unconvincing.
The Obama administration has started correctly with achieving something, even if it is small. Better deal with the issues which you can solve quickly, and leave the big questions for the experts. What needs to be addressed is the fact that Russia has to have access to the latest technologies - which the US can provide.
The US could start by getting involved in hi-tech exchange, provide the latest technological know-how, and in return it could also find out some interesting things. Russia will be providing the US for the next few years with access to the International Space Station, but Russia's search giant Yandex could also teach Google a thing or two on why Yandex is the market leader in this country.
Let's remember also that the American help for Russia in the 90s brought the country to bank default, unfair, if not criminal, privatization, people lost all of their savings, and the result was complete disappointment in the skills of the American experts. This disappointment is not only among the politicians, but among the ordinary people, and this is good to know.
I am hopeful that Mrs. Clinton has taken the right position, and the newly established presidential committee and working groups will do a good job. Let's see who will participate there, and that will tell us if they indeed are going to achieve the goal of further cooperation, or will be just pretending it.