The western world countries are bankrupt. US in particular.
One of the three largest capital outlays, military and social services, by US Federal Government is paying interest on it's current debt. America can't stop paying interest, healthcare cost continue to grow (with or without reform) and no one has the guts to cut military.
As President Dwight Eisenhower said in his farewell address to the nation in 1959; a republican and only five star general to be president; be wary of unchecked Military Industrial Complex and Americans can afford bread and butter OR bombs but not both.
USA is on track to implode. It's probably the only event to jolt Americans and its politicians back to reality. They can't increase spending and cut taxes.
Voodoo economics, like the Laffer curve in 1980's, hopefully are abolished.
Welcome Home America!!
kazi Nazmul Alam
August 15th, 2009 1:35 am ET
This is very nice system.And,Richard Quest is actually talent person.
August 17th, 2009 8:44 am ET
Prof. Quest, the Politicians will be paralized for printing additional billions of dollars for the next bubble burst. Will the car scap resolve the recession? Impossible and as a matter of fact the scrap too needs energy....lets destroy our laptops and the huge displays and ask the politicians for a new idea....the rain god plays havoc around Asia and the global stockmarket too are on the red carpet today...let us ponder to bailout the oil markets...to avert the Global Warming to save the economic threat which lies in near future.
August 17th, 2009 7:02 pm ET
Sachs seems upbeat but didnt he go to town on the USA's ability to recover and become a dominant force within the industrial nations. does anyone else think that maybe we have been privy to the realisation that China ETC will overtake and even affect the USA direction in regards future output and recovery. What chance Europe then?
August 19th, 2009 5:04 pm ET
Good interview. Good questions.
Political paralysis is a mild way of describing the the tensions and violence growing in the U.S.
If the citizens of the US can take the opportunity to back energy alternatives that could boost manufacturing and small business, for example, moving ahead economically may be able to happen.
Looking to national leaders isn't the answer at the moment, because the natl leaders who offer reasonable solutions are ridiculed and threatened.
I don't know how things will play out in the U.S. but the time of Empire in which all the citizens get a piece of the cake is over. Certainly we will see other countries become powerful economic actors overshadowing the United States.
I agree with James.
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