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As confrontation looms over Washington and Beijing, it is critical to identify the true nature of this challenge from an international relations perspective before any attempt to devise a counter measure. Wrong presumptions or prejudicial interpretations may lead to dire consequences of unforeseeable magnitude. One past example would be the U.S. government's belief that Iraq was developing weapons of mass destruction (WMDs) before the American invasion in 2003. A more current example would be the American nuclear anxiety on North Korea and how President Trump bypassed conventional American strategic thinking and circumvented hawkish threats of preemptive nuclear annihilation to resolve a \"draconian crisis\" via \"smart diplomacy.\" These examples may shed light on a pathway to resolution for the current U.S.-China trade conflict.The United States and China have ample experience of weathering a crisis on the brink of war, whether it was on the Korean Peninsula or in Indochina. China today remains on the U.S. sanctions list for certain high-tech products and military equipment. Both the Trump administration and Congress continue to criticize China regularly, ranging from human rights to religious rights, from the rule of law to the autocratic political system, from the state-owned banks to restrictive market access to foreign corporations, and from currency manipulation to unfair trade practices.

Former U.S. Treasury secretaries on the downgrading of U.S.credit rating, on Bidenomics, and on how to compete with China.According to Robert Rubin, all decisions are about probabilities.According to David Byrne, the Marcos story is even more relevanttoday. GUESTS: Henry Paulson, Timothy Geithner, Robert Rubin, David Byrne

El primer cuestionamiento a este plan fue su discrecionalidad y falta de control. Siguiendo el ejemplo de su jefe Bush que obtuvo autorización ilimitada del Congreso para la guerra de Irak, con las funestas consecuencias ya conocidas, [Hank Paulson] propuso que el Secretario del Tesoro tuviera un cheque en blanco para gastarlo como quisiera y, lo mas descarado, sin tener que rendirle cuentas a nadie ni estar sujeto a ninguna autoridad ni revisión de nadie. Por supuesto Wall Street se entusiasmó con esta fórmula que les abría la posibilidad de utilizar todas sus influencias y sutiles métodos de corrupción para proteger sus intereses privados, pero era tan aberrante que hasta los congresistas mas conservadores la rechazaron. Pero la objeción más contundente al plan Paulson es la cuestión del precio al que se comprarían los 'activos tóxicos'. Si se hace con el descuento que hoy tienen en el mercado -para que el Gobierno pueda venderlos en el futuro con alguna utilidad o por lo menos sin pérdida y así se proteja el dinero de los contribuyentes-, los bancos perderían buena parte de su capital con lo cual seguirían igual de frágiles y sin capacidad de hacer nuevos préstamos. Si por el contrario se compran al valor nominal, las pérdidas de los bancos se trasladarían a los contribuyentes y el Gobierno acabaría dando un enorme subsidio a los bancos y a sus accionistas.

A preliminary assessment of the causes of & responses to the recent financial crisis argues that allowing the bankruptcy process to proceed rather than bailing out the banks would have lessened the costs of the crisis & reduced the likelihood of future crises. A review of the US economy over the past five years highlights the misalignment caused by the over investment in housing & the need for a major adjustment to correct the misallocation. Although excessive risk-taking, inadequate regulation, & deficient rating agencies all played a role in the crisis, misguided federal policies were the most important factor. Specific government policies responsible for the crisis are described along with the bailout plan adopted by the US Treasury. Consideration is given to the impact of the bailout on the distribution of wealth, economic efficiency, & the length/depth of the financial crisis. It is concluded that the bailout's uncertain potential for alleviating the credit crunch or improving the recession made it wiser to pay the price of allowing further failures. J. Lindroth

In keeping with the terms of the $700 billion bailout legislation, under which the bank share purchase plan is being carried out, the Treasury Department has announced guidelines for executive compensation for participating banks. The \"partial nationalization\" also does not obligate the banks to renegotiate mortgage terms with borrowers - the vital step needed to stem the mortgage meltdown that is driving the global economic recession.