« Does globalization erode social safety nets? | Main | Does mercantilism work in a Keynesian world? »

December 04, 2008

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c891753ef0105363a60e6970c

Listed below are links to weblogs that reference Some unpleasant Keynesian arithmetic:

Comments

nyet

Gawd, after all this mess, stagnant wages, fleeing jobs, crashing economy, we're still expected to 'save' globalization. Enough already!

Per Kurowski

The problem is not a world with a “shortage of aggregate demand” but a world with a shortage of aggregate trust. And I believe we will not be able to solve it in any Keynesian way before the world is convinced we are willing to pay for it!

Just as an example we have witnessed so many Congress debates where the motto has been “let us think about the taxpayer” but we have yet to hear one single word about the taxpayer paying something, on the contrary all they speak about there are tax rebates.

Rich C

Of course, the current tax share of GDP in the US is closer to .15 than .2, and we have a negative savings rate, suggesting that the multiplier is a lot closer to 2.5 than 1.8, so its not so clear that this is an issue to get worked up about.

Adam

The question is why would we want to continue Keynesian economics? It's flaws should be pretty obvious by now..

Nicolas

You dream. Exporters in developing countries, specially natural resource based exporters, have captured governments. They'll push for reduced spending with the stupid argument that tough times require less spending. Brasil and India are NOT going to go along with a coordinated fiscal expansion.

Bill C

A massive increase in US borrowing should cause the dollar to fall - there must be some limit to the appetite for treasuries, esp. after the 'crisis' subsides a bit. That could be an equilibrating force in the opposite direction.

Jorge Aseff

What if the marginal propensity to consume drops? It looks like consumers will be repairing their balance sheets. Desperate times desperate measures.

Jon Stern

Fascinating how these debates of the late 1930s are returning. I learnt about them in the late 1960s from the
participants, pupils of Keynes. We had a (sort of) rerun of this debate in the 1970s.

I strongly with your policy recommendations which are even more important for the UK ... particularly if Germany continuees to resist domestic fiscal stimulus. But, given (as you have demonstrated) the strong effectiveness of low real exchange rates for growth and exports, what will China do both about domestic consumption stimulus and on its exchange rate?

Jon Stern

Danothebaldyheid

One thing that intrigues me (as a an economic novice) is how energy investment (as seems likely) affects the whole situation. It is clear that a large portion of the value of money is in it's capturing and mediation of energy. So, a farmer who sows crops by hand is gaining extra value from seeds and soil through personal energy expended. Consequently the use of technology for the same tasks produces greater returns, while artificial energy costs are lower. The same story is true throughout the economy. In this way, cheap energy is a requirement of any modern economy, summing up, I would suggest, a large portion of what is valuable in money. The end of cheap fossil fuels necessitates new energy sources for this job, and would suggest that targeted investment may produce greater dividends. Perhaps I am wrong, but if so I would love someone to tell me why!

Joen

I have an idea. Let's set t=0, m=0 and c=1. That way income will be infinite.

Talin

Nicely stated; unless the US solves the problem of the current account deficit, problems will continue. We will have a second default of american foreing debt (the first has been what we has just witnessed), this time default of sovereign debt. Becouse of this protectionims is going to be rampant. I suggest that the US introduces a VAT system of the order of 20-22% eliminating indirect state (consumption) taxes. Payroll taxes could (should) be reduced accordingly. Everybody knows this is equivalent to a hidden depreciation. In fact is much more; it is a dynamic depreciation. And foreign trader partners can not complaint or retaliate: this is what they do already. This will go a long way solving the structural american current account deficit. It works smoothly; Germany knows this very well as they succesfully improved this trick at the beginning of 2007. The British apparently not (they are reducing VAT now as a fiscal stimulus) to their own peril.
In Spain we will have to do the same, once our political leadership ends the long "siesta" and decides to do something.

Phil

Why are you assuming that the money we are spending on imports is actually ours?

kharris

Um, Jorge A? Will you stop scaring me, please?

Josh

Isn't this one of those "static" vs "dynamic" things? As in "holding everything else constant, the multiplier is f(t,c,m)". But by changing m, you change t and c so the actual multiplier effect is at best uncertain (and given what most economists believe about trade, probably negative).

Mickey

does this mean that we should increase tariffs on Oil to, to the point where none is imported?

This sounds like a great way to help the situation.

Jonathan Haughton

I trust that the comments about raising import tariffs to boost the government spending multiplier are tongue-in-cheek. That was the reasoning behind the Smoot-Hawley Act of 1930, which went a long way toward reducing world trade by 70% between 1930 and 1933.

If the multiplier is small, then for a given ultimate effect the initial stimulus would need to be bigger.

But since incremental spending goes, in part, to buy imports, one might expect the dollar to depreciate (unless others are stimulating in concert with the US), and this would boost exports. Presto, the multipier effects, once this export boost is factored in, might actually be stronger than Dani's initial simple arithmetic suggests.

jimbo

Ok, I'm confused. Why not just increase the deficit enough to fill the demand gap in this country, rather than try to reduce imports (exports are cost, imports are a benefit) and reduce our real standard of living? We are a sovereign currency issuer in a floating exchange rate world. There is absolutely nothing stopping us from maintaining internal demand at level we want, for as long as we want. If a $1T deficit isn't enough, take it to $2T. We really need to get over these mental limitations that apply the rules for a currency user to a currency issuer.

Matt

Indeed, our current times mimic the great depression so much, we need Hawley-Smoot II to go along with it!

It's not like all the money spent on imports would go right to American goods with everything else remaining the same. We would spend much more at Wal-mart and take away from American goods we purchase now. We get a lower standard of living and many industries would suffer. And this is before the reduction of exports after other countries react with higher tariffs of their own. Congratulations for one of the worst policy proposals by any economist, anywhere, in history.

Rene

What the multiplier does not take into account is the time lag that the US economy may have in transferring from a service economy to a manufacturing economy, in reference to the "m" component. At the beginning, prices will be high, due to supply shortages. In trying to keep inflation at low levels, high interest rates will reduce lending, which will in turn reduce supplies. Fiscal stimuli must be directed towards investment in order to compensate for high costs of debt. The demand side should not be stimulated, for it will only generate market distortion and future bubbles.

MikeF

Yes, by all means let's raise import tariffs at the same time that we're asking the Chinese to fund a multi-trillion dollar stimulus. That will go over swimmingly.

Jon

Yeah Jimbo
If $2T doesn't work print $3T and spend that. Additionally, if you don't want aggregate demand to diminish, just throw whatever you buy with the $3T into the Pacific ocean so demand will stay strong.
What could go wrong?

pgl

Interesting. Permit to apply the logic to some tirade by David Tufte against a claim by SUNY-Buffalo:

econospeak.blogspot.com/2008/12/how-large-of-keynesian-multiplier-do.html

JB

Did we ever figure out why (Keynesian) prices were fixed? Seemed like an ad hoc assumption used by well-meaning, but misguided do-gooders and money hose liberals to justify brutally inefficient government expansion to me.

Youri Kemp

Hi all,

Smash topic.

However, I don't want to sound like a novice, but I never really quite bought the multiplier effect in Keynesian fashion in regards to increased government spending.

I mean, someone correct me if I'm wrong, if we are to depend on the government being the agent of the multiplier and the private market is supposed to create more wealth than the government, by one hundred fold. Then, how can it be that with mere increases in government spending to raise aggregate demand, would Keynesianism under the multiplier rationale work under the conventional idea that government intervention made it all possible? Also, taxes, which are derived from persons with wealth and money to spend, make for a better situation?

But, I guess an argument for the "KME" could be that we are in the deflationary period of the crisis. And, increases in government spending to increase purchasing power are a likely desired outcome--boosting demand and raising prices. Or, even more simply-especially if government prints money to get the work done, assuming that a considerable amount of private wealth is lost-then you may have a case. But, it’s not the case you would want to make, by making it a known fact that your money is worthless.

Perhaps government too credit for it too quickly. Perhaps it is really what it is, a psychological fear to spend in the market--then and now.

We would have to depend on the private market at some time, I reckon, if we follow the Keynesian effect straight through to its logical conclusion.

My thing is now, how do we get straight to the core and boost confidence? This seems more the rational and narrative I would like and expect to see played out by government’s world wide.

For example, how Bernanke sacrificed inflation by cutting rates to boost productivity. He was way off in his educated gamble. But, he had to act--or at least, so they say!

Even more direct and relevant to today's issue; the abuse of half of the $700 billion bail out package. Government officials acted like a Keynesian would.

What happened? Under both Paulson and Bernanke's efforts? The private market still did what it wanted and the market is still wrought with fear, to spend and to extend credit.

There has to be a better, more reasoned answer than KME or bail-out, by themselves.

I don't see best and end all scenarios to that particular part of Keynesianism--and I, for one, subscribe to the principles--to some extent-- at times of trouble. Govt. deficit on one side and/or weakened monetary power on another are things which are unavoidable. But, you need to pick your poison--this is the way I see it.

But, I guess I am trying to understand it a bit better.

Youri
http://globalviewtoday.blogspot.com/

mobile

Sometimes you have to import flour before you can consume bread. Just saying.

scott

umm hey, there is a very simple solution to this, it is not some sort of ultra-complex conundrum. To prevent long term mercantilist policies and structural imbalances on the other side of the equation one should link all currencies to something of fixed or relatively fixed size. Conveniently enough, the central banks all have lots of this gold stuff still in their vaults, and thats why it was there in the first place. We could try to reinvent the wheel in our super neo-economic brilliance, hoping to figure out something new and super improved, or we could just link all of the currencies to gold again and get it over with, because thats what has to happen to force countries to have fair long term exchange rates. No gold = messed up relative exchange rates and long term imbalances. Gold prevents this. So go ahead and reinvent the wheel. Or just use a %$#@$% wheel that we already know works. Gold. This is not rocket science, people.

scott

and credit constraints are the problem? no, abundance of mispriced credit (cheap money) is the problem. The cure for too much debt is unlikely to be more debt. Maybe, but highly unlikely. A gold backed currency will necessitate higher interest rates encouraging savings and thus slowly lowering the cost of credit based upon real existing resources rather than false signals from arbitrary central bank guesstimates of the proper price of money at a given time.

The dollar has to fall to increase us exports, the asian currencies must rise to increase their consumption. Gold will force this adjustment, new fangled scientific formulas, plans, systems, techniques base on evolving understandings are fun in theory but unlikely to actually work.

We spent too much, we save too little, the lack of demand is a result of the oversupply of consumption goods based on easy credit which encouraged higd debt loads. More debt wont solve this. Less debt, more savings and a return to a more balanced economy based more on production and less on consumption will. Why does everyone want to reinvent the wheel?

cent21

I've not seen anyone else comment about the impact of VAT taxes, and particualrly, the impact of most of the rest of the world relying on significant VAT taxes while the US has nothing but relatively small state sales taxes.

Is it not correct that most VAT taxes exempt exports, and tax imports?

Why not finance a single payer health care plan with a VAT tax.

This could:

- Tax imports on a level playing field with the rest of the world, helping to solve the trade deficit gap.

- Boost exports, on a level playing field with the rest of the world.

- Help shore up Medicare and Medicaid.

- Help solve the legacy health care issues for auto makers and other aging giants stuck in a pension bind.

- All without being labeled as protectionist.

- To make it even more favorable and explicit, we could exempt services, as many states do on their sales taxes.

- Could be ramped up by 1% per year for say 10 years, and that timing would help counterbalance the demographic shift coming.

Siggy

The monetary base has been exploded. It's easy to do with a fiat currency. Lowering interest rates is pointless, the target rate is like 1% and the market rate is like less than .5%. Intermediating institutions aren't lending becasue they are deleveraging. The government is forcing the abrogation of mortage contracts, this is socialism. We are now a banana republic and hyperinflation is next. I tire of idealogues who lack business experience. If I were a younger man, I would seriously consider emmigrating.

shayre

US will eventually default, and in return, the rest of the world will lay claim to intellectual property owned by US companies as compensation. So, that any innovation/technology advantage the US had will be wiped out. US will become debt free and the rest of the world will be a better place as they will no longer have to pay rent to US companies for past innovation. Innovation that US companies feel they have a right to own forever and on which to collect a fee. As if, because they thought of it first, it's their's and only theirs. Nobody else would ever have thought of it if the US had not done so. Intellectual property rights have been somewhat respected upto now because that was the only way of getting access to the US consumer, which every other country wanted to do, but that has now run its course.

JLS

"(if they can convince Germans to get over their weird obsession with fiscal conservatism). "

Germans are waiting other Europeans (French, British...), US and even China to make mistakes hemm... stimulus plan. And then export to these countries without spend a penny.

Mark Foley

A lively conversation.

Assuming that we "pay" for the stimulus by printing the money, won't we see a devaluation that will make imports more expensive and act as a tariff for purposes of the multiplier? This is another sort of 'beggar they neighbor' policy from the 1930s, but what other option do we have?

The only way long term American trade deficits can be balanced out is by American trade surpluses and/or by the type of involuntary debt forgiveness that comes with depreciation of the UD$.

Those that gave us unsustainable trade credit should not be surprised or feel too badly treated. They have only gained on the trade up to now and if they end up with a haircut on the debt they will still be net ahead on the deal.

Mark Foley

To be technical, the U.S. cannot default on debt denominated in dollars since it can print dollars. We can lose our reputation, though.

It is arrogant to think that the U.S. would not benefit most from the intellectual property of the rest of the world if nobody respects patents.

Sandro Perricelli

My gawd! Talk about Tobin tax?!? If more than 10 people take this seriously, I'm not sure the world is worth saving...

conrad

Obama's advisers were authors and benificiaries of the present globlisation in the Clinton era and prior. They are representatives of owners, or partial owners themselves of those who partially own production in China and other developing economies. In the past developing economies were loaned money, but starting in the 90s they were instead given technlogy and money for partial ownership, which is why those in charge were willing to ship US manufacturing jobs to China. US citizens were forced to swap jobs for debt and it will be no surprise to me if they are now forced to swap whatever other assets our country has that can be securitized or otherwise monetized for even more debt on US citizens so that factories overseas, partially owned by US individuals and enterprises, can begin profitably producing product for developing consumers.

akash

Post Jobs on India's No.1 jobsite


http://www.back2office.com


Post your resume and find your dream job Now !
Search Jobs Post Jobs on India's Premium Jobsite
Search Professionals
India's growing job site.Jobs available in sectors like Accounting,
Marketing,IT,Engineering,Finance,BPO/Call Centers,Bio Technology,
Banks,Adminstration,HR/IR/MR,Media,Sales,Security,
Business Mgmt.,Retails,Hotels & Others.
Find Jobs In India,UK,USA,Middle East.

Michael Margolis

Or we could get the same demand bump by borrowing $1.6 trillion instead of one -- assuming that the recessionary gap is indeed $2.8T.

Put that extra 1/2 trillion (~5% of current debt) against a hit on poor countries, less of the joys of their imports, likely retaliation that could kill the WTO (Smoot Hawley II?)... I'd rather do the extra borrowing. We can inflate the debt down if we must. To exaggerate the already severe problems stemming from extreme fluctuation of poor country exports should be the last resort.

Mick

What is the multiplier for the value of the debased money in the private sector? I may be confused, but most multuplier arguments seam to be stimulus multiplier > X with X totally unknown.

اس ام اس پیامک

thank you very much

Japanese words

I agree that slowing down imports will probably help the US economy. Especially from countries like Japan who really haven't been playing fair all along.

timberlandboots

I wonder if there is an underlying variable that affects both the dependence on trade and the social safety net. Perhaps some aspect of culture or geography might be responsible for both.

timberlandboots

Just wanted to say HI. I found your blog a few days ago and have been reading it over the past few days.

true religion jeans

Very good. Just want to know more imformation.

nike sb

Hi
I like your posts, It makes me thinking.

nike sb

Two thumbs up, well done!

nike sb

very nice article and style, I hop to read more of your quality psosts

nike sb

I am glad that I can comment here, I hope everything will be good.

penis enlargement

The best recommended products for fast penis enlargement methods to get better results with no side effect visit: http://www.pennisenlargementproducts.com

Buy term papers

Blogs are so interactive where we get lots of informative on any topics...... nice job keep it up !!

Soft Cialis

hello fellas, I just want to emphasize the good work on this blog, has excellent views and a clear vision of what you are looking for

generic viagra

hello friend excellent post about Some unpleasant Keynesian arithmetic thanks for sharing!!

rolex watches

This is clearly replica watches the job for our legal fraternity to engage the establishment to necessary breitling watches steps by filing petitions in various courts. IF one fails another should be cartier watches filed taking every one to task. It is rolex watches useless to suggest ways and means to solve tag heuer watches the day to day problem to well paid employees tissot watches of government controlled establishments. Only active omega watches judiciary will resolve this problem.
http://www.watchvisa.com
http://www.watchvisa.com/breitling-watches.html
http://www.watchvisa.com/cartier-watches.html

bvlgari watches

They should take up building BVLGARI Watches dams for power generation. We should FRANCK MULLER watches learn from china. They have the world's largest dam for power CHANEL Watches production, it alone produces 22,000 MW of LONGINES Watch power. So, unless the government opens up the economy more for iwc watches foreign investors, this power cut problem is a life long disease every hublot-watches india will need to face.
http://www.watchvisa.com/bvlgari-watches.html
http://www.watchvisa.com/chanel-watches.html
http://www.watchvisa.com/franck_muller-watches.html

Aion kinah

For example, how Bernanke sacrificed inflation by cutting rates to boost productivity. He was way off in his educated gamble. But, he had to act--or at least, so they say! right?

Aion kinah

What happened? Under both Paulson and Bernanke's efforts? The private market still did what it wanted and the market is still wrought with fear, to spend and to buy kinah!

soft cialis

hello, I love your post, I like the part that talks about mourn, it is very interesting, thanks for sharing the information!

rolex watches

People usually say :"Seeing is believing." http://www.tt88times.com
Each attempt has a corresponding gain, in part or obvious, or vague. At least we have the kind of satisfaction After I bought this watch ,in a sense,it means a great deal to me. http://www.fashionhairfu.com

rolex watches


People usually say :"Seeing is believing." http://www.tt88times.com
Each attempt has a corresponding gain, in part or obvious, or vague. At least we have the kind of satisfaction After I bought this watch ,in a sense,it means a great deal to me. http://www.fashionhairfu.com

ghd straighteners

GHD straighteners was kmown as ghd flat iron, which was authorized online seller provides all kinds of hair straighteners,pink ghd,purple ghd,babyliss. By visiting ghd australia , you will find what you want and made yourself more beautiful.If you miss it ,you miss beauty.Buy a piece of ghd for yourself.Come and join us http://www.ghdoutlet-au.com/ to win the ghd iv styler.

generic propecia

i like this part of the post:Now suppose that we had a way to raise the multiplier by more than half, from 1.8 to 2.8. The same fiscal stimulus would now produce an increase in GDP of $2.8 trillion--quite a difference. Nice deal if you can get it.

birkenstock

Birkenstock was Made in Germany since 1774 . Check out our Birkenstock sandals and Birkenstock shoes including the Birkenstock gizeh,at the lowest regular outlet prices, free shipping and when you put on Birkenstocks. you will feel very comfortable.

Nike Air Jordan

The good news, thank you!

lachou

I like these articles , democratic countries formulate policies are both team and the interests of the people of power, but the undemocratic countries rarely for the interests of the people, http://www.jerseysky.com it is the sorrow of many democracy, I like the western and northern state policy.
http://www.cheapsaleing.com
http://www.nikeairmaxshoe.ocm

lachou

I like these articles , democratic countries formulate policies are both team and the interests of the people of power, but the undemocratic countries rarely for the interests of the people, http://www.jerseysky.com it is the sorrow of many democracy, I like the western and northern state policy.
http://www.cheapsaleing.com
http://www.nikeairmaxshoe.ocm

keepall 50

you HATE Paul Krugman. Not only has he a Nobel prise (and you don't), he is almost always right!

http://www.louisvuitton4love.com/louis-vuitton-couguar-black-m93085-p-1033.htm

jordan shoes

Thanks for sharing your article. I really enjoyed it. I put a link to my site to here so other people can read it. Came across your blog when I was searching bing I have found the bit of info that
I found to be quite useful.

Lifting Equipment

hay man this post is very nice also provide you info regard industrial equipment

jordans for sale

Very interesting issue that after a very successful. Nicely written article good work ! Thanks for the great piece of sharing.

jordan shoes

I’ve seen progression in every post. Your newer posts are simply wonderful compared to your posts in the past. Keep up the good work!

jordan shoes

This is a wonderful site. The things mentioned are unanimous and needs to be appreciated by everyone.

viagra online

However, always the optimist, I will set out forthwith to attempt to recreate what I have heretofor only been able to purchase. Rather expensively. I'll be back atcha with the results. Thanks for the linky.

viagra online

Yum, this has always been a favorite at our local restaurant. Now I can try to make it at home--as the organic food delivery always brings me advocados and I never know what to do with them (I'm from Michigan, you know!)

Account Deleted

raf

Thanks a lot.

Account Deleted

You really have a way of words. Great style of delivering the information and I could relate to it. Such a great information for me. Thanks for this.
research chemicals

Account Deleted

Now this one is what I've been looking for. Would be giving you credits on the way how you deliver this great insight. Such an interesting story.
research chemicals

UsedBucketTruck

I don't think raising tariffs is really the right move here. It will make the cost of other countries to do business with us much higher... in return, they'll raise their tariffs and just cost us more. It's incredibly expensive for us to sell a bucket truck internationally. Just shipping a bucket truck in texas is expensive.

Account Deleted

Wow ! You sure have done a great effort putting these websites in place. These tools sure are of great help. buy jwh

Ning Asics

http://www.mbt-usa.com/
So, from the Angle of biological evolution on look, homosexuality is a product of evolution progress, nor is sheer nonsense, but this progress is a subsidiary of substitute. Ancient Chinese to have a clear understanding, also has very practical attitude. Chinese history is the gay as a realistic existence, although not suppress blow, also not damning advocate. Nowadays, homosexuals even really tiger bottom can not be touched, MBT

TippingPointSEO

Sorry, I meant this kind of search engine optimization in joplin missouri. Not the kind about bucket trucks.

CarsFlipProfit

This is truly some unpleasant keynesian arithmetic. What is this guy rambling about gay's for? Some real weirdo's commenting on your blog. I'll throw in my plug about how to buy and sell cars for profit, and how to advertise your car for sale. Thanks Dani, you do a great job and I love that you help out small websites by having open comments.

orjin krem

Wow ! You sure have done a great effort putting these websites in place. These tools sure are of great helporjin krem
altın çilek

Account Deleted

tank you for your post

Account Deleted

Two solutions suggest themselves. One is to enlarge global liquidity by creating new SDR allocations and handing them over to developing nations to increase their spending. Wholesale Beads

Account Deleted

Study finds Paul Krugman is the most partisan economist. Krugman was the only economist to "significantly" change his stances for partisan reasons. Krugman has even gone so far as to contradict his own findings to bash Republican politicians. - Brett Barkley, Econ Journal Watch

Account Deleted

Helpful advises above. I have noticed that many people are using twitter for marketing. I would love to try this too for my business.
karachi stock exchange

Account Deleted

Sometimes when I write, I just let the flow of the words and information come out so much that pandora uk I loose the purpose.

Account Deleted

Nice information provided here which is very useful to everyone...I am not a huge fan of this side, there do seem to be a lot these days...thanks for posting...
wedding anniversary

Account Deleted

Raf
raf

Thanks .. I like it ...

Account Deleted

Many places and centers offer business and trade promotions to both buyers and supplier.What about the differences in skill intensities across industries? The job losses in the relatively unskilled-labor intensive battery industry should have little effect on the relatively skilled-labor intensive machinery
sexshop
sexyshop
sexshop online
alongador peniano

Just Information...

This is truly some unpleasant keynesian arithmetic. What is this guy rambling about gay's for? Some real weirdo's commenting on your blog. I'll throw in my plug about bisnis online.

Thanks Dani, you do a great job and I love that you help out small websites by having open comments.

Account Deleted

Wow… I liked it .. please keep posting such stuffs…. I am sure there are many who will like this stuff.
http://www.pharmapillshop.com

Account Deleted

i like this post.

sexshop

www.facebook.com/profile.php?id=1249581259

Very nice info regarding economic activity. Thanks for sharing!
Best Security Cameras For Sale in Dallas Texas

TippingPointSEO

Nice post, Dani. You're suggesting that developing nations are the answer to this... I think African markets will experience the most growth in the next 50 years because of technology growth and cheap labor. Northern Africa is the next India for low cost labor. We already know that cctv cameras and some bucket trucks are being manufactured, produced, and sold overseas from North African companies.

I agree with the Tobin tax solution.

Dhayl Strikes

Exporters in developing countries, specially natural resource based exporters, have captured governments. They'll push for reduced spending with the stupid argument that tough times require less spending. Brasil and India are NOT going to go along with a coordinated fiscal expansion.

Freight Agent

Buyanychem

Very well written article. Useful information. Thanks for sharing! Benzo Fury

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment