Institute of Ideas
London, U.K.
Nov 1st, 2008
Economist and business manager Phil Mullan says don't blame China. Mullan says China has been keeping the US afloat, but text book economics says rich countries are supposed to support poor countries not the other way around.
Mullan says "America is the most indebted country in the world," but "presumes to be the world's economic leader," and has an economy based on "fictitious capital values."
Phil Mullan, economist and business manager, says the credit crisis isn't simply an economic recession but a reflection of a weakened economic policy.
Mullan says what makes it worse is economic authorities have been consistently behind the curve. Mullan claims "We've lived with an economic paradigm of there is no alternative to the market.
Economist and business manager Phil Mullan says economic markets in the west have been hollowed out.
Economic growth has appeared to look good, but what is the quality of this growth? Mullan asserts economic activity in the west revolves around retail, property, and public spending, while taking advantage of manufacturers in the East.
Investment banker Michael Savage says that the crisis isn't a result of banks lending more money that they have but of other economies such as China and East Asian oil producers pumping money into Western economies.
Savage says, "I'd point the finger at the Chinese working class." "The Chinese should consume more, thats the way out of the crisis."
Blog Smith is inspired by the myth of Hephaestus in the creation of blacksmith-like, forged materials: ideas. This blog analyzes topics that interest me: IT, politics, technology, history, education, music, and the history of religions.