Friday, March 13, 2009

Who will pay the price for it?

The country that created the conditions for a global financial meltdown will not have to pay the full price for it. The NY Times recently reported:
. . . as Americans eschew foreign deals and keep their dollars at home, and as foreign central banks — especially China — buy Treasury bills, the United States is absorbing money that used to be scattered around the globe. And that is making money tighter elsewhere in the world.
The article notes that investment in emerging market economies has fallen to a level that is less than twenty percent of the level two years ago. It is no small irony that despite the fact that US bankers and politicians caused the world financial crisis, the United States finds itself relatively well positioned to weather the crisis.

It is incumbent that American leaders use their country's advantages to ensure that the poorest of the world's peoples do not pay for the recklessness of the richest.

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