I think I got this bit:
....There is a need to immediately implement a number of important structural measures affecting the global participants. Included in this Category I list of critical adjustments to increase savings, reduce debt and improve current account deficit are:
1. Cut by 15% across the board all U.S. social spending programs. 2. Increase U.S. tax rates. 3. Increase incentives to save in U.S. - consumption taxes. 4. Devise capital controls such that capital cannot be exported out of the U.S. 5. Debt renegotiation/forgiveness by countries with cumulative high trade surplus with the U.S. 6. Change the Federal Reserve Bank objective function to include a constraint on the size of the trade deficit. 7. Prohibit sale of highly sensitive technology and defense to any and all foreign countries. 8. Revalue Chinese currency to U.S. dollar by 40 percent. 9. Targeted protective tariffs if needed. 10. Renegotiate WTO. 11. Prohibit the Fed from purchasing bonds from foreign holders of U.S. debt....
But I didn't see how he came to these:
....Category I initiatives need to be followed by a second set of policy measures that we will call Category II. These initiatives are crucial to the long run political-economic stability of the U.S. economy.
1. Increase U.S. defense spending... ...3. Reduce minimum wage in U.S. by 50%....
Is that just a personal grocery list or something?
Andy F
__________________________________ Do you Yahoo!? Meet the all-new My Yahoo! - Try it today! http://my.yahoo.com