Devaluations Are Never Easy.

In The Early 1990s, When A Lot Of The Developing World Opened Up To International Capital Flows... They Ended Up In Very Good Long-term Projects, But Projects That Weren't Going To Pay Off For Five Or 10 Or 20 Years.

If We Did Go Into A Recession, Something That's Always Possible For The U.s. Or Europe, We Could Lower Interest Rates And Expand The Money Supply Without Worrying About The Price Of Gold.

The Time Has Come To End This Charade. The Debts Are Unaffordable. If They Won't Cancel The Debts I Would Suggest Obstruction; You Do It Yourselves. Africa Should Say: 'thank You Very Much But We Need This Money To Meet The Needs Of Children Who Are Dying Right Now So We Will Put The Debt Servicing Payments Into Urgent Social Investment In Health, Education, Drinking Water, Control Of Aids And Other Needs.'

We Had A Booming Stock Market In 1929 And Then Went Into The World's Greatest Depression. We Have A Booming Stock Market In 1999. Will The Bubble Somehow Burst, And Then We Enter Depression? Well, Some Things Are Not Different.

Globalization Was A Deep Trend Pushed By Technology And Right Ideas, As Much As Anything Else.