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The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe.
The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting.
The plausible outcomes range from the gradual and benign to the more precipitous and damaging.
The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.
The government can help, but we need to make this transition now to a recovery led by private investment, private.
The choice is between which mistake is easier to correct: underdoing it or overdoing it.
Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability.
A Real Man
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Never Give Up
Trust In God
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