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Perfect friendship is the friendship of men who are good, and alike in excellence; for these wish well alike to each other qua good, and they are good in themselves.

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Joseph Stiglitz

The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.

Surprise, Economic, Crisis, 2008
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Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

Episodic, Inquiring, Poverty, Unemployment

The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.

Currency, Politics, Rest, Today, World

The powershift began already several years ago, under the Bush administration, when the dollar became very volatile and started declining. That is when China shifted from having almost 100 percent of its reserves in dollars to 75 percent. Some countries went completely out of the dollar. The dollar, for all intents and purposes, lost its special reserve status and people starting talking about a portfolio, or basket, approach as a store of wealth instead of the dollar.

Already, Basket, Country, Instead, People, Special

Policies seemed almost deliberately designed to suppress new enterprise and job creation. How many Americans will start a business if the interest rates are 150 percent?

Americans, Business, Creation, Enterprise, Interest, Suppress

China's accumulation of reserves is a result of the IMF's mismanagement of the Asian financial crisis a decade or so ago. If countries know they can't rely on the IMF to help them, their best defense is their own reserve cushion. In a time of spreading global recession, too much emphasis on savings in surplus countries like China can impede prospects for global growth.

Asian, Country, Decade, Growth, Helping, Know
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