From a recent report by Marc Faber
Arthur Goldberg
If Columbus had an advisory committee he would probably still be at the dock.
Marc Faber
Had he manned the ship with Ben Bernanke, Tim Geithner, and Larry Summers, the Santa Maria would have sunk right off the coast of Andalusia from where he sailed from the small port city of Palos de la Frontera.
From Monthly Market Commentary (Marc Faber)
National Security Advisor Jim Jones:
North Korea nukes "are not an imminent threat"
Defense Secretary Robert M. Gates:
Obama administration considered the test aggressive but not a crisis.
I do not know what these gentlemen are trying to achieve by downplaying the North's nuclear antics, except to signal (to North Korea, and neibouring countries including Japan) that the U.S. will not do anything meaningful until it is too late to do anything.
Anyway, if the U.S. wants to avoid confrontation with China (and I think it is the case), only choice for the U.S might be to accept North Korea as a nuclear power (albeit implicitly) and to force its allies to live with it. If at all possible...
Allan H. Meltzer (Professor of Political Economy, Carnegie Mellon University) :
Arthur Burns was not very independent. Paul Volcker was very independent. Alan Greenspan was rather independent... Current Fed.. has become an operating arm of the Treasury...
Why tech spending in the U.S stimulus bill does not help... (well, at the least during this downturn)
