This is a global crisis, and a core lesson of the Great Depression is that a global crisis calls for a global response. As such, Tim Geithner and Larry Summers are preparing for the upcoming G-20 summit with an agenda that has the merit of actually addressing the problem at hand: coordinate global stimulus, strengthen the International Monetary Fund, preserve open trade. Full Story »
Posted by Derek Hawkins
Brooks points out that American citizens' outrage over bonuses is a distraction (but symbolic). Although he casts foreigners as being in precarious situations, many of their economies are not as shot through with fraud, and some have nationalized banks for strict controls we do not have. He may be correct that the G-20 is headed for impotence, because Europeans want no more of our exported fraud. Hence their emphasis on long-term architecture, and international regulations Brooks derides. His call for more IMF and World Bank dominance is more of the failed investor class policies. But that's Brooks' own myopia from New York.
“Even this is not the most idiotic of the distractions. For that, you have to look abroad.” and “They’ve got Jean Monnet on the brain.”
Brooks’ American-centric smugness shows.
“Why he has not also decided to spend his evenings mastering quantum mechanics and discovering the origins of consciousness is beyond me.”
Is Brooks envious of Obama’s abilities?
David Brooks is a beltway politico pundit, has little insight to offer on economics, and his smugness closes avenues of discussion.