No, I don’t understand. But as far as I can tell, three things are behind the current fears of a dollar rout and a world recession. America’s massive current account deficit is largely the product of 1) a hugely expensive war of choice, and 2) tax cuts for the wealthy. And the ongoing subprime crisis was mostly created by 3) deregulation. Am I missing something? And if not, could someone explain to me again why left wing economic policies are naïve?
December 3, 2007
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