The international institutions go around the world preaching liberalization, and the developing countries see that means open up … - Joseph Stiglitz

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I am told by those who know that there are six varieties of hangover-the Broken Compass, the Sewing Machine, the Comet, the Atomic, the Cement Mixer and the Gremlin Boogie, and his manner suggested that he had got them all.

Joseph Stiglitz

The international institutions go around the world preaching liberalization, and the developing countries see that means open up your markets to our commodities, but we aren't going to open our markets to your commodities. In the nineteenth century, they used gunboats. Now they use economic weapons and arm-twisting.

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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.

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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.

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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.

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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