Farewell to Oskar

Henry C.K. Liu hliu at mindspring.com
Wed Mar 17 16:06:36 PST 1999

Good thing not too many listened to Summers' lectures. As Yukihiko Ikeda, a senior member of the ruling Liberal Democratic Party, reported told the press: "Mr. Summers says, do this, do that. But we will continue with steps already in the works." The BOJ, Japan's central bank, thinks Summers is offering snake oil cures in the notion of fighting deflation with easing money supply.

To claim Lafontaine as "one of the few European politicians who openly agrees with the U.S." is the height of self delusion.

Furthermore, Mr Summers changed his position several times over the past six years catching up on reality. Expansion of domestic demand has been US official position only after undeniable data showed the folly of initial US prognosis and rescue measures for the Asian crises (tight monetary measures, high interest rates, etc.)

Henry C.K. Liu

Doug Henwood wrote:

> Brad De Long wrote:
> >For six years, now, U.S. policymakers like
> >Lawrence Summers have been lecturing European finance ministers and central
> >bankers on the desirability of demand expansion in Europe--and Oskar
> >Lafontaine is one of the few European politicians who openly agrees with the
> U.S.
> There's an article in the spring Science & Society - the Frances Bolton
> issue - by Roger Burbach and William Robinson arguing that nation-states
> are passe and a global ruling class is forming itself. Maybe we're in the
> early stages of that, but I hear something like this and figure we've got a
> long way to go.
> Larry Summers spends lots of time lecturing, doesn't he? Japanese too?
> Doug

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