The Malcolm Wiener Lecture in International Political Economy, Delivered by Jean-Claude Trichet
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The Malcolm Wiener Lecture in International Political Economy featured former president of the European Central Bank, Jean-Claude Trichet. Mr. Trichet focused his talk on the economic recessions--particularly in Europe--and analyzed the strategies and approaches to fixing the economic crisis. Most notably, he discussed how the strategies used were far beyond the textbook, and as such, required careful consideration of repercussions. Overall, Mr. Trichet conveyed the incredible complexity of the problem and the vast amount of work and analysis need to pursue solutions. Part of Mr. Trichet's larger message though, was that the recent economic crises in the U.S and Europe were and eventual part of a larger global pattern of recessions. These recessions are hard lessons for countries, but ultimately will result in stronger, more stable economies. Harvard University President Emeritus Lawrence Summers moderated the lively question and answer session. March 22, 2011
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wow, i can comment
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Mr. Trichet expresses an analysis of the global financial problems that is quite mainstream. And, to that extent, he identifies surface causes while ignoring the central issue, which is the privatization of the rents associated with nature (i.e., with what should be treated as societal property). Imputed rents to land and land-like assets are capitalized by market forces into quasi-monopolistic selling prices. When credit is made available at low cost for the acquisition of land the result is a credit-fueled, speculation driven economic cycle of boom-to-bust. Pulling monetary strings cannot solve this problem. The cycle will repeat, as is now the case in many countries where the bottom of the cycle left large numbers of people impoverished, while income and wealth becomes ever more concentrated at the top.
There is only one effective response to the land-speculation driven property market cycle. This is the measure first proposed by Mr. Trichets countrymen in the 18th century -- Francois Quesnay, Anne Robert Jacques Turgot and Pierre Samuel du Pont de Nemeurs (and in 1776 repeated by Adam Smith in "Wealth of Nations"). This is for the social collection of the rent of land. -
Harvard is in each book...You have only to read to be able to lead.....All universities cook with water
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Monsieur Trichet - the greatest there ever was! Markets miss you monsieur!
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The people of Europe want their freedom and soveriegnty BACK
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