The second approach
regards the free markets as the SOURCE of the problem, rather than its
solution. It calls for domestic and where necessary international
intervention and assistance in resolving financial crises.
Both approaches have their merits and both should be applied in varying
combinations on a case by case basis.
Indeed, this is the greatest lesson of all:
There are NO magic bullets, final solutions, right ways and only
recipes. This is a a trial and error process and in war one should not
limit one's arsenal. Let us employ all the weapons at our disposal to
achieve the best results for everyone involved.
O'Neill's Free Dinner
America's Current Account Deficit
By: Dr. Sam Vaknin
Also published by United Press International (UPI)
Only four months ago, the IMF revised its global growth figures upward.
It has since recanted but at the time its upbeat Managing Director,
Horst Koehler, conceded defeat in a bet he made with America's
outspoken and ever-exuberant Treasury Secretary, Paul O'Neill. He
promised to treat him to a free dinner.
Judging by his economic worldview, O'Neill is a great believer in free
dinners. Nowhere is this more evident than in his cavalier public
utterances regarding America's current account deficit.
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