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Tailspin: The People and Forces Behind America's Fifty-Year Fall--and Those Fighting to Reverse It
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the ability of portfolio investors to move money unfettered across national borders is a matter of controversy among economists, much more so than is the freedom of trade in goods. With regard to this aspect of global capitalism, the Argentine crisis underlines the need for major repair. It points inexorably to the conclusion that government effort
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
The Argentine story underlines the limitations of the free-market approach promoted by Washington, and much other experience from the developing world has shown that these sorts of policies are not growth elixirs. They may spur supercharged expansions for a period of time, but in many cases performance tends to flag after a while, for reasons that
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
As we move from the 1950s to the 1970s and then to 2008, we notice a problem. A perfectly good idea morphed into another good idea, spread beyond housing, and then culminated in uncontrolled insanity. By 2008, no one, including the management of Fannie Mae and Freddie Mac or the Department of Housing and Urban Development, had any idea of the fragi
... See moreGeorge Friedman • The Storm Before the Calm: America's Discord, the Coming Crisis of the 2020s, and the Triumph Beyond
Most disheartening of all is the evidence that the decision to make the August 2001 loan, and other measures that went sour, were driven by outsiders' agendas that did not dovetail with the interests of the Argentine people. The IMF's desire to skirt blame for the collapse consistently tilted its policymaking in the wrong direction, toward delaying
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