Weekend Reading (and viewing)
The Big Picture declares, "The Great Recession is Over! Long Live the Ordinary Recession..."
Simon Johnson makes the case for capital controls, concluding:
For better or worse, we are likely heading towards a world in which capital no longer flows so freely across borders. Look for the start of this in Asia.
The IMF is worried about debt levels in wealthy countries, which are approaching 120 percent of GDP.
Sébastien Wälti, writing on VoxEU, claims that decoupling was a myth, as "globalisation brings national business cycles closer together".
Noam Scheiber from the New Republic sticks up for Hank Paulson, sort of...
I think it reflects well on Paulson that he was willing to change course when it became obvious that his initial ideas were off-base
...meanwhile, Tim Geithner can't seem to sell his house, and refuses to change course and lower the price.
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I appreciate the warnings here, and they are NOT misplaced. Indeed FASB, taking a clue from the BIS and Basel 2, intends to hit the US banks with another crisis of Mark to Market. It isn't over and indeed inflation will be just a head fake once the banking system is again under attack: http://bank-abuse.com/TowerofBasel.html
Posted by: Gary Anderson | Aug 2, 2009 12:49:04 AM