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Dispatch #2 from the field

Friday, December 31, 2010, 4:02 AM
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Here are Chris’ and Adam’s takeaways from their second day at the conference.

Chris’s Observations

Today was a quite interesting day, but also, in many ways, simply reconfirmed yesterday. I would have to say that the most powerful money and policy people are all in agreement; they believe more stimulus money is both necessary and proper here. None seem to think that there’s any real risk to the US dollar. The usual litany of perfectly reasonable rationalizations applied. “China needs the US more than the US needs China.”  “The Euro is a weak substitute with plenty of risks all its own.”

These are reasonable propositions, but that’s the problem. By accepting these ideas, exploration of other risks seems to have been short-circuited, as no other discussion could follow them. That places them into the bucket of “rationalizations” as opposed to reasoned ideas. That is, they are beliefs, not facts. 

The good news, such as it is, is that plenty of work remains for us to do in this world. 

 

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