http://www.nakedcapitalism.com/2007/10/larry-summers-on-how-to-manage-dollars.html Sun, 22 Nov 2009 15:18:28 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.nakedcapitalism.com/2007/10/larry-summers-on-how-to-manage-dollars.html#comment-1294 dearieme Mon, 29 Oct 2007 16:46:00 +0000 http://www.nakedcapitalism.com/2007/10/larry-summers-on-how-to-manage-the-dollars-decline/#comment-1294 This all sounds like displacement activity. The problem isn't free trade or nefarious orientals. The problem is spendthrift American governments, going back at least to LBJ, and a Fed determined to accomodate spendthrift governments, at least under Greenspan. It's possible that the problem is deeper - maybe fiat currency, universal franchise democracy and a Welfare State aren't compatible. This all sounds like displacement activity. The problem isn’t free trade or nefarious orientals. The problem is spendthrift American governments, going back at least to LBJ, and a Fed determined to accomodate spendthrift governments, at least under Greenspan. It’s possible that the problem is deeper – maybe fiat currency, universal franchise democracy and a Welfare State aren’t compatible.

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