Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.
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It used to be said that when the U.S. sneezed, the world caught a cold. The opposite is equally true today.Larry Summers
Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response.
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It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century.
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Now is the time for us to strike. We must strengthen our foothold in Asia, to ensure no nation overtakes us.
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We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.
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It is healthier, in any case, to write for the adults one's children will become than for the children one's "mature" critics often are.
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