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Good show — pretty much hit all the bases.
Yes, the oil problem is real — an external and tangible — and adjustments need to made to deal with that.
If you are speeding down the roads and decide to change direction, yes, you have to slow down and lose some momentum to do that.
And yes, structural changes need to be made, including better utilization of human capital, technology, and intellectual assets.
Russia could use the approach of the US to improve the look of their economy — just lie and make up numbers, and create bubbles, but that won’t help. Instead they will deal with real situation, adjust fiscal policies, increase production, and such, and come through this fine — while the west continues to pretend it’s not collapsing as it melts into the ground.
Does anyone miss the yelling and screaming?
Hahaha. Absolutely not. He’s finally listening to what is being said in stead of screaming his own opinion while people were still talking.
A bit off topic, but a recent interview on a chinese program cctv: http://english.cntv.cn/2015/03/18/VIDE1426626602347163.shtml
Academic and arm-chair economists need to learn from nature where growth is balanced with decay. And all of us need to learn from nature that we’re here to be lovers, not consumers and customers. More at thelovegovernment.com.
I was not very impressed with this Cross Talk. Everyone agrees that the Russian economy needs “reforms”. But apart from “infrastructure” I heard very little about how those reforms should look.
One gentleman mentioned that the reforms of the early 1990s had had resulted in growth in most of the 1990s. Unfortunately nobody challenged him. If you first shrink your economy you are bound to see some healthy growth figures afterwards. Unfortunately most likely you will only partly recover what you lost.
heartening to hear …..and, yet I can’t help but wonder just what structural reforms, they, think might be most important, what direction or which ones first, esp. as I have the impression from previous discussions on Russian economy here that the capital for investment is locked up in the neo liberal institutions, central bank rules, etc. instituted in the Yeltsin years and changing that, despite the opinion of several heavyweights from those previous discussions that they can’t move forward without addressing that,…..would be a huge deal, would it not,….not to mention the paroxysms of rage it would put the empire into or the apparent fact that Putin is something of a neo liberal himself. I would be curious how those 2 foreigners living there long term and of more pragmatic than theoretical bent, might see that issue. ( Or, do I have my apples and oranges mixed up?)
Crimea-Way Back Home with English subtitles at Liveleak.
We need English subtitles
for this video
George Friedman
Published on Mar 22, 2015
Пресс-релиз Дж.Фридмана
https://www.youtube.com/watch?v=pLeV1DsIOXo&feature=player_embedded