Possible Pitfalls In Barack's Way
I can see the rationale behind the trillion dollar stimulus package. If you don't do it, you risk a deep recession, a global recession. Better a trillion now than two trillion tomorrow.
But to rely totally on the stimulus package would be to miss the mark. White collar crime style irresponsible behavior brought this about. The number one would be the Iraq War. The Iraq War has been the biggest white collar crime in history. Hitler killed six million Jews, Bush killed a million and a half Iraqis. After a half century of further civilization, a million and a half today probably is equivalent to six million back then. The white collar crime of the Iraq War - a trillion or so dollars - got mirrored in bad Wall Street behavior.
But the number one lesson to be learnt is that global finance is just like global warming, just like global terrorism, there is no national solution, not even by the mighty power of America. So the number one solution can not be the trillion dollar stimulus package, necessary as it is. The real challenge is, so how do you create a new global financial architecture? Minor tinkering with the IMF and the World Bank will not do.
When the dust on this financial mess settles, more of the global power is expected to have shifted to China. There is no free lunch.
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