The US Can no Longer be the Importer of Last Resort
Lawrence Summers, Harvard University | August 25, 2008
At the moment when most of the industrial world is in or near recession, a lot of global economic momentum comes from authoritarian regimes that concentrate on accumulating wealth rather than on raising the standard of life of their people. ++ Rising prices of oil are causing a substantial flow of capital from the emerging countries to the industrial ones. ++ With the economic slowdown it experiences, however, the US is no longer in a position to be the “importer of last resort” it used to be and it is unclear who will be its successor.
