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Wednesday, April 11, 2012

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I think you are romanticizing Twenty years ago (1992). Although the 1990 recession was not that severe, it was our first 'modern' recession.

The movie Roger & Me was a breakout hit in 1990. In 1992 our first jobless recovery and worries about debt propelled Ross Perot to number one in the Presidential polls. Fortunately Perot's truly bizarre behavior spared us a President Perot, however he still got 17% of the vote and a respected incumbent George H.W. Bush was thrown out of office.

The subsequent and unexpected booms (tech, globalization, and cheap oil) have erased this memory. Although parts of the Midwest never recovered from 1990.

It seems like we are back in 1992, except in a far more perilous position.

As to the main point of your post I am skeptical. The level of economic cooperation, regulation and mutual understanding is far higher between Brussels and the US than it was 20 years ago, but Europe and Japan are not the problem.

Can you really see Russia, India, South Africa, and Brazil agreeing and enforcing anything like this?

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