The Flight from Fiscal Responsibility – by Tony Blankley | FrontPage Magazine: "Regularly reading the Financial Times (Britain’s leading financial daily) can put an American in a fighting spirit. At least, it puts this American (transplanted former Englishman and naturalized American citizen that I am) in such a disposition.
I have in mind, this time, an article in Monday’s edition by Jeffrey Garten, titled “We must get ready for a weak-dollar world.” The article makes two broad assessments:
1) “The two most significant structural consequences of the recent financial debacle are the massive deficits and debts of the US and the shift of economic power from west to east. There is only one effective way for governments to address the combined impact of both: press for a sea change in currency relationships, especially a permanently and greatly weakened dollar.”
2) “The issue is no longer whether the dollar is in long-term decline but which of two options will be taken. Should Washington and other capitals calmly and deliberately manage the transition to a new era, or, by default, should they let the market do it, with the risk of massive financial disturbances. Today, governments have a choice. Soon they may not.”
What I don’t like about the article is that it is — from an American point of view — defeatist and that objectively, it may turn out to be true."
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