The Global Economy with IMF Managing Director Christine Lagarde

with Duvvuri Subbarao, Christine Lagarde, Christina Romer, Agustin Carstens and Anders Borg
in Current Affairs
on Friday, April 20, 2012 * * * * *

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The Global Economy with IMF Managing Director Christine Lagarde; Anders Borg, Minister for Finance in the Swedish government; Christina Romer, former Chair of the Council of Economic Advisers in the Obama administration; Duvvuri Subbarao, Governor Reserve bank of India; & Agustín Carstens, Governor of the Bank of Mexico

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economy
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global
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  • Comments 26
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    1. finalfantasytown  05/05/2012 09:25 PM Report

      Obviously, Ms. Lagard still doesn't understand what firewall means. If she doesn't understand it, somebody or some group in France must know , which have marked the signature through Lagard's experience. Why does France insist on being stick to Europe, especially Germany? It is like homosexual affair. Why are Italians suffering pains? When people are thinking or talking about this, why someone with sorrow and tears of Angel while others with smugness and scorn of evil? Each of them is identified.

    2. Kayposi  05/04/2012 04:20 AM Report

      As American's when was the last time we heard the word Freedom from an important elected official? Or sovereignty. Do we not believe in the individual. Do we not believe that we are independent individuals separate from the state. How in God's name have we allowed the mentally inept to control instead of govern us? I do not understand what is wrong with us as a country. I listen to theories and all kinds of things pertinent, but I absolutely do not get why anyone would give up the freedom that we have enjoyed. It truly sickens me.

      Mr. Rose conducted an interview with Brokaw 2 days before the Obama/Macaine election and asked Brokaw this: Do we...what do we know about him? Meaning Obama.

      Well that is one thing that is wrong with America. Lazy and comfortable guys that have a conversation between themselves instead of hard hitting on your feet sockin'em dead journalism that ALL American's love to hear.

    3. Ricardo_Amaral  04/24/2012 10:04 AM Report

      April 24, 2012

      SouthAmerica: The French politicians are waking up regarding “Goldman Sachs the Pillage People” - Marine Le Pen got 20 percent of the vote in the latest French election, and she chose “Goldman Sachs the Pillage People” as being at the core and being the main culprit regarding the implosion of the European economic system, and the real cancer that is plaguing Europe.

      On this video Goldman Sachs is being compared with Al Qaeda.

      French economy & Presidential elections-On the Edge with Max Keiser-04-20-2012

      http://youtu.be/lSLIeoaTTjY

      In this edition of the show Max interviews Gonzalo Lira from LiraSPG.com. He talks about the primary economic issues for France on the eve of the presidential elections both nationally and in EU.

      Gonzalo Lira is an American novelist, filmmaker and economic blogger. Starting in 2010, Lira began contributing economic analysis to Zero Hedge, Naked Capitalism, Seeking Alpha and Business Insider; in Zero Hedge, one of his posts was the second most read of 2010.

      *****

      French Election 2012 Results: Marine Le Pen Shocks With 20% of the Vote

      http://www.policymic.com/articles/7323/french-election-2012-results-marine-le-pen-shocks-with-20-of-t he-vote

      .

    4. Gelles  04/24/2012 09:48 AM Report

      My favorite New Yorker drawing is tattooed on my forehead: two well-fed drinkers at their club share a thought with a smile --

      ..... "Everybody loves money. Too bad there isn't enough to go around."

      Bernard Schoenbaum created it. The date was many years ago. But the condition will not be eternal -- says ME. What says YOU?

    5. Gelles  04/24/2012 09:34 AM Report

      The IMF and World Bank may be separately and together far too small know what advice to give nations behind the 8 ball.

      If 99% (or some less extravagant guesstimate of exploited Americans) are suicidal or easy victims, here, then the hundreds of millions of miserable's in underdeveloped nations have good reason to suspect our agents at the IMF and WB are full of baloney and cannot do good for them.

      It is obvious to any decent person that a budget system, whose goal is to maintain a "reserve army of the unemployed", is unfair from its founding to its failure.

      What if our PURPOSE were peace, prosperity and a "work-identity" that any parent would be proud to see his children own? Why cannot this be our goal at first and our achievement soon thereafter?

      Do we really think a little poverty, joblessness, homelessness, disease and accidental dismemberment is NECESSARY to own as a nation for the rest of the people to keep their noses to grind stone? I DON'T THINK SO.

      People are by nature anxious to perform. The very few people who would not adapt to perfect surrounding systems are not the problem. The problem is ignorance -- our condition at birth in matters of macroeconomics.

      These experts sitting on both sides of Charlie the Rose, proved that our leaders are worse than their followers. Where are the can-do types that know how important is REALITY, when so much is upside down that people lose their bearings?

      The current worship or markets and shunning of prize juries and planned communities is sickening. We want standards to be developed and endorsed by decent partners in our life's experience. No baby is born using bootstrap systems to leave the womb and make a life. Babies need expert attention some of the time. And we are all babies to some degree.

      Paternalism or socialism can be overdone. They can also be under-done.

      Nuclear arms stand before us as executioners of the whole human race. Problems of yesteryear can no longer remain unsolved. Let us admit some facts and do the right thing where we can. The right thing at the moment is to spread monetized demand to every place where lack of it is hurting EVERYBODY. Create an Economic Security Agency (ESA) with near-infinite computer support to simulate solutions first and accomplish them next. There s no limit to the money we can have for this purpose IF IT WORKS. If not, we can change it on the fly -- and at least the extra monetized demand we need will have been ours for some moments.

      Sure, hyper-inflation will be a threat. But so is collision with our moon. Innumerable threats are THERE. Inaction HERE is just one of them.

    6. Gelles  04/24/2012 08:32 AM Report

      Dear Amaral ~

      See http://www.charlierose.com/view/interview/12310 -- for my latest.

      Your demonizing others who may have sympathizers among the criminal elements around us. Or the demons you're attacking may themselves be criminals.

      I know corruption is pervasive. Criminality less so -- maybe?

      I also know there is in America a class of INNOCENT rich who take advantage of habits of mind we all mostly share. Many of these, like Warren Buffet and John Chambers are valuable to us all, and I would prefer to move ahead with them as allies than see them as enemies.

      The French Revolution when it happened was, perhaps, necessary and inevitable. Today, in the wake of communism and fascism in 20th Century Europe, we would do well to make peace between rich and poor. Thereafter, let us enrich the poor not impoverish the rich.

      Abba Lerner's Functional Finance has solutions based on PURPOSE -- something missing in modernity.

      We communicate with words, money and less articulate modes of expression. In Utopia we may do away with money and use scientific methods for all our needs. But for now, money is a tool worth using. Functional finance explains how.

      I hope your enemies can be prevented from criminal attack upon you and your work. Keep us informed. Look, also, at some of your suggestions as possibly ineffective when we recall that revolution elevates people to power with less talent, often, then the monsters they rebelled against.

      I am hopeful that our president will deserve another term and will win one. But, as yet, I'm listening to it all and have not made a final decision on whom to vote for.

    7. Ricardo_Amaral  04/24/2012 05:35 AM Report

      Hi Gelles, how are you?

      Here is what is happening to me right now. I posted this info on various locations on the web, including at Brazzil magazine.

      Euroland is going through a massive economic and financial implosion, and I want to remind the readers that what sparked the current meltdown starting with Greece had “Goldman Sachs the Pillage People” written all over the place.

      ***

      I hope the people in Brazil wake up in time, before “Goldman Sachs the Pillage People” does a lot of damage in Brazil like they usually do regarding everything they touch.

      I started a thread at the Elite Trader Economics Forum on April 11, 2010 called “Goldman Sachs is it a Cancer or just a Parasite of the US financial system?” since that time we have an ongoing discussion with 350 postings so far.

      Late last year someone posted something saying that my postings were crossing the line, and that was my first warning.

      On April 18, 2012 the same person, screen name Oldtime posted the following:

      Goldman Sachs is it a Cancer or just a Parasite of the US financial system?

      http://www.elitetrader.com/vb/showthread.php?s=&threadid=195957&perpage=6&pagenumber=52

      ..."February 18, 2012

      Oldtime: "...this has gone on long enough. At first we tried to discredit you and portray you as a crackpot. But now people are actually listening to you and taking the damaging information you post seriously.

      We are watching you and can shut you down at any time.

      This is your second warning.

      Three strikes and you are out. "

      *****

      April 23, 2012

      Last week some hacker accessed my email account to get information about my friends and contacts, since then he started calling my friends to get personal information about me.

      Whoever is doing this illegal activities, it's doing on behalf of “Goldman Sachs the Pillage People”, and it looks like they decided to follow up on their threats....and they are moving their illegal activities to the next level.

      First, they did try to discredit me, then they tried to intimidate me, and now these criminals are capable of doing anything that they want....since these people think that they are above the law anywhere they operate, including in the United States.

      .

    8. Ricardo_Amaral  04/24/2012 05:10 AM Report

      Here is what I posted on the Elite Trader Economics Forum a few days ago regarding the IMF:

      Central Banks and the US Dollar

      http://www.elitetrader.com/vb/showthread.php?s=&threadid=81958&perpage=6&pagenumber=97

      ...April 18, 2012

      SouthAmerica: Brazil, the South American countries, and the BRICS countries should tell the IMF to go to hell, and they should not give a dime to the IMF.

      I have no use for the IMF and also for the World Bank.

      I don't understand what the Greeks, Spanish, and Italians are waiting for to get their pitchforks to start on their countries a revolution similar to the French Revolution, and send a signal to the politicians, and bankers around Europe and beyond.

      Although the guillotine is associated with the “French Revolution” and Doctor Joseph Ignace Guillotin, he did not invent it. Guillotin simply borrowed the idea from ancient civilizations, “following in the tradition of ancient “Greeks and Romans” who believed there was no more honorable way to die”.

      And after the Greeks, Spanish, and Italians bring back the guillotine - they should give a special place in front of the line for the BANKERS and the politicians who are helping the bankers to pillage everything in sight in Greece, Spain, and Italy.

      During the French Revolution the money changers had a special place in front of the line to get their turn at the guillotine. And I bet that up to the last minute most of them did not see it coming.

      These European countries should adopt the French “Revolution Model” and put the guillotine to work overtime until they resolved their financial and economic problems and stop the pillage of assets by the bankers in all these European countries.

      A purge of useless (parasites), and corrupt bankers and politicians is the best thing that can happen to all these countries regarding the massive economic and financial crisis that is underway – this is the only solution to give a chance of rebirth to the economies of all these countries.

      Hopefully history will repeat itself.

      .

    9. topazgirl  04/24/2012 03:45 AM Report

      Dear Max:

      Thank-you for your post... Ironically, I come from a middle-class up-bringing, in a suburban area surrounded by rural farms. There was nothing high-class (or elitist) about the folks I knew. My "neighborhood" consisted of every race, ethnicity, color, and socio-economic group imaginable! My formal education only goes as far as a handful of years at various community colleges, and I would probably be considered your typical California-white-chick... Consequently, I suppose, that made me quite liberal (hence, "elitist"?) But like you, I thank God (if She even exists! ;D...) for shows like Charlie Rose, PBS Newshour, Bill Moyers (now, "...and Company"), Frontline, etc... I can't stand "not knowing", and my continued "education" comes from sources similar to what I have mentioned.

      I totally AGREE with you! ...Why would someone not take advantage of this "free" exposure to different ideas, philosophies, ideologies, perspectives, and cultural diversities, offered just by clicking a mouse or flipping a channel? And how could one not take this all to heart as part of one's self, once they were exposed? It boggles my mind! And how is that (or is it?...) "elitst"?

      Are "elitists" the rich folks? The "high-born" royalty? The Harvard Alumni? ...I am still mystified...

      Thanks, again, dear Max...

    10. SharkswithfrikingLazers  04/24/2012 02:47 AM Report

      Charlie mentions Martin Wolf in the FT: 'informed Americans believe the Euro zone will explode unless there are centrifugal forces involved.'

      Or that big sucking sound, the one Ross Perot described with NAFTA and jobs.

      Perhaps then find a way to export your workers if you can not employ them.

      In 2003, then-President of Mexico, Vicente Fox stated that remittances "are our biggest source of foreign income, bigger than oil, tourism or foreign investment" and that "the money transfers grew after Mexican consulates started giving identity cards to their citizens in the United States." He stated that money sent from Mexican workers in the United States to their families back home reached a record $12 billion.[29]

      Who has the jobs now with all our globalization? The answer better not be full employment with world war.

    11. SharkswithfrikingLazers  04/24/2012 02:34 AM Report

      Christine Lagarde on Lehman Brothers for just over a minute:

      http://www.imdb.com/video/screenplay/vi3176241689/

      "60 Minutes" on Lehman Brothers on Sunday:

      http://www.cbsnews.com/video/watch/?id=7406224n&tag=component.0;topnews

      TWO YEARS CHARLIE AND NO PROSECUTIONS!

      Thank you "60 Minutes" team. Since our SEC is a toothless wonder it is good someone is doing their job.

      Eliot Spitzer is out. So who is our financial Seal Team Six to get these global financial terrorists?

    12. SharkswithfrikingLazers  04/24/2012 02:09 AM Report

      “The financial industry is a service industry. It should serve others before it serves itself. “ – Christine Lagarde, French Minister for Economy, Industry and Employment

      The above was from "Inside Job".

      Regulations? asks Charlie. He is told they should focus on the financial sector. No little loopholes, finance the economy as the focus--not greed.

      Someday . . .

    13. Saultxyca  04/23/2012 10:44 PM Report

      One has to wonder if the amply qualified Dr. Agustin Carstens lost the IMF top slot to Ms. Lagarde due to his unhealthy personal expansion. Surely all sound economics must start with the self.

      Some wag on another site described Christine Lagarde as "Don Knotts in drag." I guess he doesn't get French chic.

      *

    14. Max83  04/23/2012 04:33 PM Report

      Hello topazgirl,

      I wanted to comment on your two comments from below:

      '' This site is quite open-minded! Only those who go TOTALLY off the deep-end get deleted here... Does open-minded equal "elite"? ... Seriously! I'm really curious...

      and

      I am so weary of this "elite" cr@p... What is meant by this phrase?... Do you mean people with an actual education? ...People that have evolved to think past their own noses? ...Folks that live in cosmopolitan areas, that have had to consider other races, other traditions and beliefs to navigate their society (perhaps, even, BENEFITED from these diversities?)... Liberal Democrats? ...What the h3ll is "elite"? ''

      I very much agree with you on this topic. I have come from what some might term a ''semi-elite'' (Liberal Free Market Democrat) background and I was always puzzled by the prejudice and hostilities that were put towards me, even as a young child, by some people just because I had the good fortune to have certain talents and opportunities in my life because I was born into a certain family background. In the end and in the long term talent and quality always reigns supreme, no matter what background a person comes from. Elitists have fallen and risen throughout history.

      In my experience in the fewest cases privilege is inherited and maintained without proper education and work. We all know the millionaire heirs, lottery winners, movie and music stars who got their privileges very quickly and without much experience about money management and they lose it as quickly as they got it.

      I even went so far to put myself into environments with less privileged people to understand why some of them have such animosity against more educated and thus often more successful people and why instead of focusing on improving their lives they would rather point the finger and criticize the people that are doing something meaningful and productive with their lives.

      What I discovered is that elitism, snobbishness, arrogance, ignorance, stupidity, racism or psychopathy is as widely spread amongst the working class as it is amongst the upper class, just in different expressions.

      Elitism in my experience now is really an individual ego-centric phenomenon and not a group or even family phenomenon. Often one bad apple or one bad experience leads to stereo-typing and easy and convient labels because people in general it seems like to have cookie cutter ways of seeing the world, because it make it easier on them and their psyche.

      I find the Charlie Rose Show amazingly important and enriching for the entirety of society, all its different classes. I do not agree with many guests on the show and their world view and philosophical approach, but the dialog and discussions are stimulating and give me new perspectives on societal issues and life in general and they help me to understand others and where they come from better.

      The program is open to anybody who has internet access or a TV and they can use it to educate themselves and open their minds and therefore in my opinion it is not elite. I feel that Charlie's show and work is elite in the sense that it is cutting edge in its topics and world class guests and high quality interviewing style, however it is not elite in the sense of exclusion of the less privileged.

      In my personal opinion working class people have as much of a responsibility to be open-minded and to learn about the other and richer and better educated groups of their society, as the more privileged are well advised to learn how the working class ticks and how they can positively interact with its members. The Charlie Rose show offers this opportunity to get to know the more privileged and more academically educated class and individuals to working class people. Just as reading People magazine gives the more academically, scientifically and artistically leaning folk the opportunity to understand and appreciate the mind set of the everyday American more. Like you correctly said topazgirls it is about diversity, tolerance and balance and it is about choice whether you decide to watch Entertainment Tonight or the Charlie Rose show.

      You have the choice to watch the Charlie Rose show and use it to enrich your life and mind or you can just label it an Elitist out of touch discussion platform for old and rich men.

      I use the Charlie Rose Show to enrich my life and to further educate myself about the world and its diverse groups of people and opinions.

      You are not only what you eat, but even more importantly so what you read (or watch).

    15. anne4444  04/23/2012 02:55 PM Report

      “Why are we here?”

      The lowest beings in the universe are focused to survive by all means. If our souls trap only on surviveship, we would not turn ourselves into space-beings. Without liberation of our souls from surviving status into compassion, our souls will always connect to earth instead of milk way galaxy.

      If we have the compassion, we will not over-populate earth and kill animals (we share the genes with many animals and they are our ancestors) to sustain our lives. If we have the compassion, we will not gain pleasure at cost of others.

      Sadly… our science is still far behind to give us an answer of understanding.

    16. REMant  04/23/2012 11:43 AM Report

      Despite what they say I believe it is clear Ms Lagarde no more than Sarkozy think much of the European bail-out and are still plumping for a flood of new bills, as are many on Wall St. And one has to take whatever Romer says regarding Bowles-Simpson with some skepticism. She still believes in the multiplier when nearly no one else any longer does. She's out of office I assume precisely because it didn't work, tho no one it appears in Washington is out of work for long.

      Under Lagarde the IMF is again trying to become the world's central bank, governors of a world currency, bypassing national sovereignty. As with the push for world government through the UN, the Obama administration is enthusiastic about the idea. The same with respect to Europe is no doubt viewed as a step in the right direction. But I beg to differ, WWI was brought about not because of the absence of European government, but because nations, and in particular one which is still not fully a member, would not accept a needed re-adjustment to the balance of power, and it unlikely even a central govt could have done anything about that. Funny money might have, but only at the cost of something like we are seeing now.

      Since it hasn't come up with reference to the French elections, I might add that all this suits Sarkozy's French neo-colonialism, which aims at maintaining control over Sahelan Africa, to a tee. President Bling-Bling is more of a Bush, than an Obama, and, like him, he's not above mouthing liberal platitudes. Plus he's run up French debt from 64.7 per cent of GDP to 85.3 per cent. Business types, such as their Commerce minister, are wont to talk about the need for labor market reforms, but what need is there to compete with China or Japan, which share the same socialist labor attitudes? It also seems a bit disingenuous to blame unions for holding the worker down, and, at the same time, advocate lower wages and longer hours.

      Impoverished tho he generally was, Rousseau was far saner about economics than the grandiose Voltaire, a manic speculator, who, I believe, eventually lost his tunic, and seems to have misunderstood Mandeville as well. The remark then must be considered in the same light as Keynes'. It was, incidentally, the Protestant republican Rousseau who was the true scientist, the dilettantish monarchist Voltaire who beggared reason, and has received the applause of Whig historians for it ever since.

      Like Rousseau, the Swede has the right attitude.

    17. topazgirl  04/23/2012 01:13 AM Report

      This site is quite open-minded! Only those who go TOTALLY off the deep-end get deleted here... Does open-minded equal "elite"? ... Seriously! I'm really curious....

    18. topazgirl  04/23/2012 01:07 AM Report

      I am so weary of this "elite" cr@p... What is meant by this phrase?... Do you mean people with an actual education? ...People that have evolved to think past their own noses? ...Folks that live in cosmopolitan areas, that have had to consider other races, other traditions and beliefs to navigate their society (perhaps, even, BENEFITED from these diversities?)... Liberal Democrats? ...What the h3ll is "elite"?

    19. tabs  04/22/2012 03:49 PM Report

      Well here we are again, discussing the same thing all over again and what will the results be? Ms Lagarde seems to waver on the austerity approach to solving the Euro Zone insolvency. It is as if she can not bring herself to tell the people of Europe that they will have to have their standard of living adjusted. Better to adjust while you can to have some determination over the outcome.

      Ms Romer seems to think that more Chicken Soup and less austerity is the answer, as she is worried that the high employment rate will become permanent. Welcome to social democracy Ms Romer. And again, how do you propose to pay for this Chicken Soup? When a person is neck deep in debt and adds a bit more that person may just drown in that debt.

      Mr Subarrao said the most important thing uttered by this panel. THAT YOU HAVE AUSTERITY TO HAVE GROWTH. This was the model that the United States used to follow before it became enamoured with social equality. Completely abandoning austerity in the mid 60's, in favor of more...massive government OVERHEAD EXPENSE. This is the model that India is following and successfully at that.

      Mr Carstens of Mexico is right on the money, as one also has repeatedly stated that a nation can not solve its debt problems by going deeper into debt (This is also Nasem Talbs idea of "Fragility"). That instituting a program of austerity gives confidence to the markets in that a responsible hand is at the helm. As one has said previously "one wants to mollify ones creditors." Here it might be pointed out that President Obama showed that he is just another ordinary intellect by allowing his Party to pass the snout in the trough of the the public treasury Stimulus Bill in 09. If he had truly been visionary he would have reigned in his Parties appetite for spending and passed a SMALL STIMULUS BILL for the psychological reason of, it was an expected remedy. If a small stimulus bill was passed it not only would have mollified creditors (China) by showing that a responsible hand (one who can think out of the box) is at the helm (Restoring confidence in a atmosphere of fear and panic) , but it also would have left a CREDIT RESERVE in the bank if the need should arise. Not to mention having a shallower hole to dig oneself out of.

      Mr Borg largely supports the austerity of Carstens as the remedy. Adding that German structural reforms has kept their unemployment rate down, and that it is only with a European Union that Sweden being a small state can have a voice in world affairs.

      The nasty truth is that the era of Social Democracy is coming to an end, it has gone BUST. Democracies can offer social programs only if a tight reign is kept on the purse strings with an ever vigilant eye on taking care of business (a metaphor) first.

      One might also add that those "DARK CLOUDS" portend not only fiscal and monetary crisis along with a moribund economies but the method of rectification will likely be a return of the Sturmabteilung as evidenced by the fact that both Greece and Italy are being ruled by NON ELECTED governments. Spain and the UK both went conservative in order to avoid eminent collapse. Here one should remember that when the existing status quo begins to falter and fail that fragmentation and chaos ensues. Does anyone think it will be different this time?

    20. Kayposi  04/22/2012 07:02 AM Report

      If we are NOT declining as a country why do we not have a President whom claims freedom and liberty as the message? How long has it been since we had a President that claimed Freedom and Liberty? God Bless you and the elites since I am a liberty loving woman and I will Protect mine. I love Liberty AND Freedom.

    21. Kayposi  04/22/2012 06:20 AM Report

      Charlie, since you are keen to to talking with elite people the world over you must tell them that I AM the Mother of all Mother's and am willing and able to love ALL children. And I have an educator daughter. Can you believe the peace...Dr. Paul anyone?

    22. Kayposi  04/22/2012 05:43 AM Report

      Well, heck, I'm from the wrong side of the tracks so you deleted my Post. Postmaster Postmaster where is my post?

    23. Kayposi  04/22/2012 05:27 AM Report

      For the life of me and my children I can't figure out what the problem is. Not one of the Official's between the IMF, World Bank or Government on any level has been able to describe what exactly IS the problem. We are Broke? We have massive debt?

      Guess what, I am an individual without any debt and have sacrificed and keep doing so and do not feel kindly towards all this manipulation of my savings and investments. I am NOT stupid.

      But, maybe Government's and Central Banker's are, since they seem keen to manipulation of market's AND people.

      I could go into the ethics and the whole feminist's argument on this, but I AM a broad and I take care of myself...I Do Not Need or Want More Uncle Sam.

      Some of us are more intelligent than the NEWS!!! No matter how much each and every one of you elite's LOVE yourselves and might be sociopath's the rest of us out here in REALITY keep this country and all the rest of them going. We The People. And, that applies to any country who claims it. But that haven't yet, have they? Humility anyone?

      And by the way, I have airport clearance, finger-printed and all, so the next time the stooges try to molest my daughter's I might just have to claim Dr. Paul's rights. Isn't that what this is all coming down to? The individual?

      Between George and Barack the word Liberty OR Freedom has NEVER passed their lips?

    24. SharkswithfrikingLazers  04/21/2012 06:26 PM Report

      This was very important to me:

      Emerging countries provide 50% of world’s growth. $1600 is the per capita income in India. Growth is fast but poverty is bigger. There are more poor people in India than the entire continent of Africa.

      Thank you Duvvuri Subbarao, Governor Reserve bank of India.

      Now China's turn.

    25. SharkswithfrikingLazers  04/21/2012 06:20 PM Report

      So there is a big fiscal cliff at the end of the year--mandatory spending cuts plus expiring tax breaks. Add to this our current growth (2.5% to 3.5%) which is not enough to really help with unemployment.

      Then the huge distraction that it is an election year in many countries around the globe and nothing is really getting done (times 10 in America).

      Charlie, go ahead and take a bite of this sandwich and let me know what you think.

    26. SharkswithfrikingLazers  04/21/2012 06:09 PM Report

      Charlie, I don't know about you but ever since "Inside Job" I have thought Christine Lagarde is HOT!

      There you were up close and personal with no big table between you.

      Charlie, you do have quite the poker face my friend.