A reader sent me this clip and I think it is refreshingly honest about the state of the world’s current problems. For all the academic dissertations, and political posturing, the problem is remarkably simple: too much debt, can’t be paid back. Whether it is on households, corporations, governments or central banks, more debt is just more debt and it will not fix a debt crisis. Debt holders have to face the fact that they are not getting back a loaf. And spenders have to face the fact that they are much poorer than they think and cannot afford all that they have come to expect.
William White, Chairman of the Economic Development and Review Committee, Organization for Economic Co-operation and Development (OECD) speaks on panel, entitled “Which Way Forward: Reflections on Global Turmoil and the Role of Markets, Governments, and Civil Society” at the Institute for New Economic Thinking’s (INET) Paradigm Lost Conference in Berlin. April 12, 2012. Here is a direct link.
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Another excellent video clip. Here is someone who is very intelligent and humble, uses his common sense well, very “brave” yet not dangerous to the society. Thank you both very much for sharing your thoughts and opinions. JW, Langley BC