Export from America

When someone is down, you would expect him to reflect why and how he’s gotten there. This takes courage to do. So Kudos to Greenspan, the former US Chairman of the Federal Reserve, who came out a couple of days ago and basically admitted frankly he is having a second thought about the interest-driven free market mechanism that has led to the global financial melt-down.

Collectively it’s hard to do. And this is reflected in a NY Times editorial that basically urges China to spend as a way to get them out of the mess. It’s the very habit of spending without limit that got them into this mess in the first place. They still don’t get it. So easy to find others flaw. In this regard, I hope China knows its own virtue and stick to it well.