2013년 11월 23일 토요일

오후 10:57

By Irving Granada

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About 'international politics degree'|...you studying mostly politics now Is that your prime...ZVONAREVA: I'm on the faculty of international economic relations...Mario Ancic who got his degree is going to...







About 'international politics degree'|...you studying mostly politics now Is that your prime...ZVONAREVA: I'm on the faculty of international economic relations...Mario Ancic who got his degree is going to...








Ａｎ               ｉｎｔｅｒｅｓｔｉｎｇ               ａｎａｌｙｓｉｓ               ｏｎ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｇｌｏｂａｌ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｂｙ               Ｄｒ.

Ｇｅｏｒｇｅ               Ｆｒｉｅｄｍａｎ,               ｆｏｕｎｄｅｒ               ｏｆ               Ｓｔｒａｔｅｇｉｃ               Ｆｏｒｅｃａｓｔｉｎｇ,               Ｉｎｃ.

Ｒｅｐｒｉｎｔｅｄ               ｗｉｔｈ               ｐｅｒｍｉｓｓｉｏｎ.

Ｂｙ               Ｇｅｏｒｇｅ               Ｆｒｉｅｄｍａｎ
               Ｔｈｅ               Ｇ-20               ｍｅｔ               ｌａｓｔ               Ｓａｔｕｒｄａｙ.

Ａｆｔｅｒｗａｒｄ,               ｔｈｅ               ｇｒｏｕｐ               ｉｓｓｕｅｄ               ａ               ｍｅａｎｉｎｇｌｅｓｓ               ｓｔａｔｅｍｅｎｔ               ａｎｄ               ｄｅｃｉｄｅｄ               ｔｏ               ｍｅｅｔ               ａｇａｉｎ               ｉｎ               Ｍａｒｃｈ               2009,               ｏｒ               ｐｅｒｈａｐｓ               ｌａｔｅｒ.

Ｃｌｅａｒｌｙ,               ｔｈｅ               ｕｒｇｅｎｃｙ               ｏｆ               Ｏｃｔｏｂｅｒ               ｉｓ               ｇｏｎｅ.

Ｆｉｒｓｔ,               ｔｈｅ               ｐｅｒｃｅｐｔｉｏｎ               ｏｆ               ｉｍｍｉｎｅｎｔ               ｃｏｌｌａｐｓｅ               ｉｓ               ｐａｓｔ.

Ｐｏｌｉｔｉｃｉａｎｓ               ａｒｅ               ｓｕｐｅｒｂ               ｓｅｉｓｍｏｇｒａｐｈｓ               ｆｏｒ               ｄｅｔｅｃｔｉｎｇ               ｉｍｐｅｎｄｉｎｇ               ｄｉｓａｓｔｅｒ,               ａｎｄ               ｔｈｅｓｅ               ｐｏｌｉｔｉｃｉａｎｓ               ｄｉｄ               ｎｏｔ               ａｃｔ               ａｓ               ｉｆ               ｔｈｅｙ               ｗｅｒｅ               ｒｕｎｎｉｎｇ               ｏｕｔ               ｏｆ               ｔｉｍｅ.

Ｓｅｃｏｎｄ,               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｗｉｌｌ               ｈａｖｅ               ａ               ｎｅｗ               ｐｒｅｓｉｄｅｎｔ               ｉｎ               Ｍａｒｃｈ,               ａｎｄ               ｎｏｔｈｉｎｇ               ｃａｎ               ｂｅ               ｄｏｎｅ               ｕｎｔｉｌ               ｈｅ               ｄｅｆｉｎｅｓ               ｈｉｓ               ｐｏｌｉｃｙ.
               Ｇｉｖｅｎ               ｔｈｅ               ｓｅｎｓｅ               ｉｎ               Ｅｕｒｏｐｅ               ｔｈａｔ               ｔｈｉｓ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｍａｒｋｅｄ               ｔｈｅ               ｅｎｄ               ｏｆ               Ｕ.Ｓ.

ｅｃｏｎｏｍｉｃ               ｓｕｐｒｅｍａｃｙ,               ｉｔ               ｉｓ               ｉｒｏｎｉｃ               ｔｈａｔ               ｔｈｅ               Ｅｕｒｏｐｅａｎｓ               ａｒｅ               ｗａｉｔｉｎｇ               ｏｎ               ｔｈｅ               Ａｍｅｒｉｃａｎｓ.

Ｏｎｅ               ｗｏｕｌｄ               ｔｈｉｎｋ               ｔｈｅｙ               ｗｏｕｌｄ               ｂｅ               ｕｓｉｎｇ               ｔｈｅｉｒ               ｎｅｗｆｏｕｎｄ               ａｓｃｅｎｄａｎｃｙ               ｔｏ               ｄｅｆｉｎｅ               ｔｈｅ               ｎｅｗ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｓｙｓｔｅｍ.

Ｂｕｔ               ｔｈｅ               ｆａｃｔ               ｉｓ               ｔｈａｔ               ｆｏｒ               ａｌｌ               ｔｈｅ               ｓｈｏｕｔｉｎｇ,               ｌｉｔｔｌｅ               ｈａｓ               ｃｈａｎｇｅｄ               ｉｎ               ｔｈｅ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｏｒｄｅｒ.

Ｔｈｅ               ｃｒｉｓｉｓ               ｈａｓ               ｒｅｃｅｄｅｄ               ｓｕｆｆｉｃｉｅｎｔｌｙ               ｔｈａｔ               ｎｏｔｈｉｎｇ               ｍｏｒｅ               ｎｅｅｄｓ               ｔｏ               ｂｅ               ｄｏｎｅ               ｉｍｍｅｄｉａｔｅｌｙ               ｂｅｙｏｎｄ               "ｃｏｏｐｅｒａｔｉｏｎ,"               ａｎｄ               ｎｏｔｈｉｎｇ               ｃａｎ               ｂｅ               ｄｏｎｅ               ｕｎｔｉｌ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｄｅｆｉｎｅｓ               ｗｈａｔ               ｗｉｌｌ               ｂｅ               ｄｏｎｅ.

Ｗｅ               ｆｅｅｌ               ｔｈａｔ               ｏｕｒ               ｖｉｅｗ               ｔｈａｔ               ｔｈｅ               ｉｎｔｅｒｎａｔｉｏｎａｌ               ｓｙｓｔｅｍ               ｒｅｃｅｉｖｅｄ               ｆａｔａｌ               ｂｌｏｗｓ               Ａｕｇ.

8,               ｗｈｅｎ               Ｒｕｓｓｉａ               ａｎｄ               Ｇｅｏｒｇｉａ               ｗｅｎｔ               ｔｏ               ｗａｒ,               ａｎｄ               Ｏｃｔ.

11,               ｗｈｅｎ               ｔｈｅ               Ｇ-7               ｍｅｅｔｉｎｇ               ｅｎｄｅｄ               ｗｉｔｈｏｕｔ               ａ               ｓｉｎｇｌｅ               ｉｎｔｅｇｒａｔｅｄ               ｓｏｌｕｔｉｏｎ,               ｒｅｍａｉｎｓ               ｕｎｃｈａｌｌｅｎｇｅｄ.

Ｎｏｗ,               ｉｔ               ｉｓ               ｅｖｅｒｙ               ｃｏｕｎｔｒｙ               ｆｏｒ               ｉｔｓｅｌｆ.
               Ｆｒｏｍ               Ｆｉｎａｎｃｉａｌ               Ｃｒｉｓｉｓ               ｔｏ               Ｃｙｃｌｉｃａｌ               Ｒｅｃｅｓｓｉｏｎ
               Ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｈａｓ               ｂｅｅｎ               ｍｉｔｉｇａｔｅｄ,               ｉｆ               ｎｏｔ               ｓｏｌｖｅｄ.

Ｔｈｅ               ｐｒｏｂｌｅｍ               ｎｏｗ               ｉｓ               ｔｈａｔ               ｗｅ               ａｒｅ               ｉｎ               ａ               ｃｙｃｌｉｃａｌ               ｒｅｃｅｓｓｉｏｎ,               ａｎｄ               ｔｈａｔ               ｅｖｅｒｙ               ｃｏｕｎｔｒｙ               ｉｓ               ｔｒｙｉｎｇ               ｔｏ               ｆｉｇｕｒｅ               ｏｕｔ               ｈｏｗ               ｔｏ               ｃｏｐｅ               ｗｉｔｈ               ｔｈｅ               ｒｅｃｅｓｓｉｏｎ.

Ｕｎｌｉｋｅ               ｔｈｅ               ｐａｓｔ               ｔｗｏ               ｒｅｃｅｓｓｉｏｎｓ,               ｔｈｉｓ               ｏｎｅ               ｉｓ               ｍｏｒｅ               ｇｌｏｂａｌ               ｔｈａｎ               ｌｏｃａｌ.

Ｂｕｔ               ｕｎｌｉｋｅ               ｔｈｅ               1970ｓ,               ｗｈｅｎ               ｒｅｃｅｓｓｉｏｎ               ｗａｓ               ｇｌｏｂａｌ,               ｔｈｉｓ               ｏｎｅ               ｉｓ               ｎｏｔ               ａｃｃｏｍｐａｎｉｅｄ               ｂｙ               ｓｏａｒｉｎｇ               ｉｎｆｌａｔｉｏｎ               ａｎｄ               ｉｎｔｅｒｅｓｔ               ｒａｔｅｓ.
               Ａｌｌ               ｒｅｃｅｓｓｉｏｎｓ               ｈａｖｅ               ｄｉｆｆｅｒｅｎｔ               ｄｙｎａｍｉｃｓ,               ｂｕｔ               ａｌｌ               ｈａｖｅ               ｏｎｅ               ｔｈｉｎｇ               ｉｎ               ｃｏｍｍｏｎ:               Ｔｈｅｙ               ｉｍｐｏｓｅ               ｐｕｎｉｓｈｍｅｎｔ               ａｎｄ               ｄｉｓｃｉｐｌｉｎｅ               ｏｎ               ｅｃｏｎｏｍｉｅｓ               ｒｕｎ               ｗｉｌｄ.

Ｔｈｉｓ               ｉｓ               ｈａｐｐｅｎｉｎｇ               ａｒｏｕｎｄ               ｔｈｅ               ｗｏｒｌｄ.
               Ｃｈｉｎａ,               ｆｏｒ               ｅｘａｍｐｌｅ,               ｆａｃｅｓ               ａ               ｓｅｒｉｏｕｓ               ｐｒｏｂｌｅｍ.

Ｃｈｉｎａ               ｉｓ               ａｎ               ｅｘｐｏｒｔ-ｏｒｉｅｎｔｅｄ               ｅｃｏｎｏｍｙ               ｗｈｏｓｅ               ｐｒｉｍａｒｙ               ｍａｒｋｅｔ               ｉｓ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ.

Ａｓ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               ｇｏｅｓ               ｉｎｔｏ               ｒｅｃｅｓｓｉｏｎ,               ｄｅｍａｎｄ               ｆｏｒ               Ｃｈｉｎｅｓｅ               ｇｏｏｄｓ               ｄｅｃｌｉｎｅｓ.

Ｃｈｉｎｅｓｅ               ｂｕｓｉｎｅｓｓｅｓ               ｈａｖｅ               ａｌｗａｙｓ               ｏｐｅｒａｔｅｄ               ｏｎ               ｖｅｒｙ               ｔｉｇｈｔ               -               ｓｏｍｅｔｉｍｅｓ               ｉｎｖｉｓｉｂｌｅ               -               ｐｒｏｆｉｔ               ｍａｒｇｉｎｓ               ｄｅｓｉｇｎｅｄ               ｔｏ               ｅｍｐｈａｓｉｚｅ               ｃａｓｈ               ｆｌｏｗ               ａｎｄ               ｔｏ               ｐａｙ               ｏｆｆ               ｄｅｂｔｓ               ｔｏ               ｂａｎｋｓ.

Ａｓ               Ｕ.Ｓ.

ｄｅｍａｎｄ               ｃｏｎｔｒａｃｔｓ,               ｍａｎｙ               Ｃｈｉｎｅｓｅ               ｆｉｒｍｓ               ｆｉｎｄ               ｔｈｅｍｓｅｌｖｅｓ               ｉｎ               ｕｎｔｅｎａｂｌｅ               ｐｏｓｉｔｉｏｎｓ,               ｗｉｔｈｏｕｔ               ｒｏｏｍ               ｔｏ               ｄｅｃｒｅａｓｅ               ｐｒｉｃｅｓ,               ｌａｃｋｉｎｇ               ｏｐｅｒａｔｉｎｇ               ｒｅｓｅｒｖｅｓ               ａｎｄ               ｉｎｓｕｆｆｉｃｉｅｎｔｌｙ               ｃａｐｉｔａｌｉｚｅｄ.

Ｒｅｃｅｓｓｉｏｎｓ               ａｒｅ               ｄｅｓｉｇｎｅｄ               ｔｏ               ｃｕｌｌ               ｔｈｅ               ｗｅａｋ               ｆｒｏｍ               ｔｈｅ               ｈｅｒｄ,               ａｎｄ               ａ               ｈｕｇｅ               ｓｗａｔｈ               ｏｆ               ｔｈｅ               Ｃｈｉｎｅｓｅ               ｅｃｏｎｏｍｙ               ｉｓ               ｒｉｐｅ               ｆｏｒ               ｔｈｅ               ｃｕｌｌｉｎｇ.
               Ｉｆ               ｔｈｅ               ｗｏｒｌｄ               ｗｅｒｅ               ａｌｌ               ａｂｏｕｔ               ｅｃｏｎｏｍｉｃｓ,               ｃｕｌｌｉｎｇ               ｉｓ               ｗｈａｔ               ｔｈｅ               Ｃｈｉｎｅｓｅ               ｗｏｕｌｄ               ｄｏ.

Ｂｕｔ               ｔｈｅ               ｗｏｒｌｄ               ｉｓ               ｍｏｒｅ               ｃｏｍｐｌｅｘ               ｔｈａｎ               ｔｈａｔ.

Ａ               ｃｕｌｌｉｎｇ               ｗｏｕｌｄ               ｌｅａｄ               ｔｏ               ｍａｓｓｉｖｅ               ｕｎｅｍｐｌｏｙｍｅｎｔ.

Ｍａｎｙ               Ｃｈｉｎｅｓｅ               ｅｍｐｌｏｙｅｅｓ               ｌｉｖｅ               ｏｎ               Ｔｈｉｒｄ               Ｗｏｒｌｄ               ｗａｇｅｓ;               ｉｎｄｅｅｄ,               ｔｈｅ               ｖａｓｔ               ｍａｊｏｒｉｔｙ               ｏｆ               Ｃｈｉｎｅｓｅ               ｈａｖｅ               ｉｎｃｏｍｅｓ               ｏｆ               ｌｅｓｓ               ｔｈａｎ               $1,000               ａ               ｙｅａｒ.

Ｔｏ               ｔｈｅｍ,               ｕｎｅｍｐｌｏｙｍｅｎｔ               ｄｏｅｓｎ'ｔ               ｍｅａｎ               ｐｒｏｂｌｅｍｓ               ｗｉｔｈ               ｔｈｅｉｒ               401ｋ.

Ｉｔ               ｍｅａｎｓ               ｍａｌｎｕｔｒｉｔｉｏｎ               ａｎｄ               ｄｅｓｐｅｒａｔｉｏｎ               -               ｎｅｉｔｈｅｒ               ｏｆ               ｗｈｉｃｈ               ｉｓ               ｕｎｋｎｏｗｎ               ｉｎ               20ｔｈ               ｃｅｎｔｕｒｙ               Ｃｈｉｎｅｓｅ               ｈｉｓｔｏｒｙ,               ｉｎｃｌｕｄｉｎｇ               ｔｈｅ               Ｃｏｍｍｕｎｉｓｔ               ｐｅｒｉｏｄ.

Ｔｈｅ               Ｃｈｉｎｅｓｅ               ｇｏｖｅｒｎｍｅｎｔ               ｉｓ               ｒｉｇｈｔｌｙ               ｗｏｒｒｉｅｄ               ａｂｏｕｔ               ｔｈｅ               ｓｏｃｉａｌ               ａｎｄ               ｐｏｌｉｔｉｃａｌ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｏｆ               ｒａｔｉｏｎａｌ               ｅｃｏｎｏｍｉｃ               ｐｏｌｉｃｉｅｓ:               Ｔｈｅｙ               ｍｉｇｈｔ               ｗｏｒｋ               ｉｎ               ｔｈｅ               ｌｏｎｇ               ｒｕｎ,               ｂｕｔ               ｏｎｌｙ               ｉｆ               ｙｏｕ               ｌｉｖｅ               ｔｈａｔ               ｌｏｎｇ.
               Ｅｃｏｎｏｍｉｃ               Ｒｅｓｔｒｕｃｔｕｒｉｎｇ               ｖｓ.

Ｓｔａｂｉｌｉｔｙ
               Ｔｈｅ               Ｃｈｉｎｅｓｅ               ｈａｖｅ               ｔｈｅｒｅｆｏｒｅ               ｐｒｅｐａｒｅｄ               ａ               ｍａｓｓｉｖｅ               ｓｔｉｍｕｌｕｓ               ｐａｃｋａｇｅ               ｔｈａｔ               ｉｓ               ｍｏｒｅ               ｏｆ               ａ               ｄｅｖｅｌｏｐｍｅｎｔ               ｐｒｏｇｒａｍ               ｔｏ               ｍａｋｅ               ｕｐ               ｆｏｒ               ｄｅｃｌｉｎｉｎｇ               Ｕ.Ｓ.

ｄｅｍａｎｄ.

Ｉｔ               ａｉｍｓ               ｔｏ               ｋｅｅｐ               ｂｕｓｉｎｅｓｓｅｓ               ｆｒｏｍ               ｆａｉｌｉｎｇ               ａｎｄ               ｓｐｉｌｌｉｎｇ               ｍｉｌｌｉｏｎｓ               ｏｆ               ａｎｇｒｙ               ａｎｄ               ｈｕｎｇｒｙ               ｗｏｒｋｅｒｓ               ｉｎｔｏ               ｔｈｅ               ｓｔｒｅｅｔ.

Ｆｏｒ               ｔｈｅ               Ｃｈｉｎｅｓｅ,               ｔｈｅ               ｅｃｏｎｏｍｉｃ               ｐｒｏｂｌｅｍ               ｃｒｅａｔｅｓ               ａ               ｍｕｃｈ               ｌａｒｇｅｒ               ａｎｄ               ｍｏｒｅ               ｓｅｒｉｏｕｓ               ｉｓｓｕｅ.

Ｉｔ               ｉｓ               ａｌｓｏ               ａｎ               ｉｓｓｕｅ               ｔｈａｔ               ｍｕｓｔ               ｂｅ               ｓｏｌｖｅｄ               ｑｕｉｃｋｌｙ,               ａｎｄ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｔｉｍｅ               ｎｅｅｄｅｄ               ｏｕｔｓｔｒｉｐｓ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｔｉｍｅ               ａｖａｉｌａｂｌｅ.
               Ｔｈｉｓ               ｉｓ               ｎｏｔ               ｏｎｌｙ               ａ               Ｃｈｉｎｅｓｅ               ｐｒｏｂｌｅｍ.

Ｗｈｅｒｅｖｅｒ               ｔｈｅｒｅ               ｉｓ               ａｎ               ｅｃｏｎｏｍｉｃ               ｄｏｗｎｔｕｒｎ,               ｐｏｌｉｔｉｃｉａｎｓ               ｍｕｓｔ               ｄｅｃｉｄｅ               ｗｈｅｔｈｅｒ               ｓｏｃｉｅｔｙ               -               ａｎｄ               ｔｈｅｉｒ               ｏｗｎ               ｐｏｌｉｔｉｃａｌ               ｆｕｔｕｒｅｓ               -               ｃａｎ               ｗｉｔｈｓｔａｎｄ               ｔｈｅ               ｒｉｇｏｒｓ               ｒｅｃｅｓｓｉｏｎｓ               ｉｍｐｏｓｅ.

Ｒｅｃｅｓｓｉｏｎｓ               ｏｃｃｕｒ               ｗｈｅｎ,               ａｓ               ｉｓ               ｉｎｅｖｉｔａｂｌｅ,               ｉｎｅｆｆｉｃｉｅｎｃｉｅｓ               ａｎｄ               ｉｒｒａｔｉｏｎａｌｉｔｉｅｓ               ｂｕｉｌｄ               ｕｐ               ｉｎ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ａｎｄ               ｅｃｏｎｏｍｉｃ               ｓｙｓｔｅｍ.

Ｔｈｅ               ｒｅｓｕｌｔｉｎｇ               ｅｃｏｎｏｍｉｃ               ｄｏｗｎｔｕｒｎ               ｉｍｐｏｓｅｓ               ａ               ｈａｒｓｈ               ｄｉｓｃｉｐｌｉｎｅ               ｔｈａｔ               ｄｅｓｔｒｏｙｓ               ｔｈｅ               ｉｎｅｆｆｉｃｉｅｎｔ,               ｅｎｃｏｕｒａｇｅｓ               ｅｖｅｒｙｏｎｅ               ｔｏ               ｂｅｃｏｍｅ               ｍｏｒｅ               ｅｆｆｉｃｉｅｎｔ,               ａｎｄ               ｏｐｅｎｓ               ｔｈｅ               ｄｏｏｒｓ               ｔｏ               ｎｅｗ               ｂｕｓｉｎｅｓｓｅｓ               ｕｓｉｎｇ               ｎｅｗ               ｔｅｃｈｎｏｌｏｇｉｅｓ               ａｎｄ               ｂｕｓｉｎｅｓｓ               ｍｏｄｅｌｓ.

Ｔｈｅ               ｙｅａｒ               2001               ｓｍａｓｈｅｄ               ｔｈｅ               ｔｅｃｈｎｏｌｏｇｙ               ｓｅｃｔｏｒ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ,               ｏｐｅｎｉｎｇ               ｔｈｅ               ｄｏｏｒ               ｆｏｒ               Ｇｏｏｇｌｅ               Ｉｎｃ.
               Ｔｈｅ               ｂｕｓｉｎｅｓｓ               ｃｙｃｌｅ               ｗｏｒｋｓ               ｗｅｌｌ,               ｂｕｔ               ｔｈｅ               ｈｕｍａｎ               ｃｏｓｔｓ               ｃａｎ               ｂｅ               ｄａｕｎｔｉｎｇ.

Ｔｈｅ               ｃｏｌｌａｐｓｅ               ｏｆ               ｉｎｅｆｆｉｃｉｅｎｔ               ｂｕｓｉｎｅｓｓｅｓ               ｌｅａｖｅｓ               ｗｏｒｋｅｒｓ               ｗｉｔｈｏｕｔ               ｊｏｂｓ,               ｉｎｖｅｓｔｏｒｓ               ｗｉｔｈｏｕｔ               ｍｏｎｅｙ               ａｎｄ               ｓｏｃｉｅｔｙ               ｌｅｓｓ               ｓｔａｂｌｅ               ｔｈａｎ               ｂｅｆｏｒｅ.

Ｔｈｅ               ｐａｉｎ               ｎｅｅｄｅｄ               ｔｏ               ｒｅｃｔｉｆｙ               Ｃｈｉｎａ'ｓ               ｅｃｏｎｏｍｙ               ｗｏｕｌｄ               ｂｅ               ｅｎｏｒｍｏｕｓ,               ｗｉｔｈ               ｄｅｖａｓｔａｔｉｎｇ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｆｏｒ               ｈｕｎｄｒｅｄｓ               ｏｆ               ｍｉｌｌｉｏｎｓ               ｏｆ               Ｃｈｉｎｅｓｅ,               ａｎｄ               ｐｒｏｂａｂｌｙ               ｗｏｕｌｄ               ｌｅａｄ               ｔｏ               ｓｏｃｉａｌ               ｃｈａｏｓ.

Ｂｅｉｊｉｎｇ               ｉｓ               ｐｒｅｐａｒｅｄ               ｔｏ               ａｃｃｅｐｔ               ａ               ｈｉｇｈ               ｄｅｇｒｅｅ               ｏｆ               ｅｃｏｎｏｍｉｃ               ｉｎｅｆｆｉｃｉｅｎｃｙ               ｔｏ               ａｖｏｉｄ,               ｏｒ               ａｔ               ｌｅａｓｔ               ｐｏｓｔｐｏｎｅ,               ｔｈｅ               ｒｅｃｋｏｎｉｎｇ.

Ｔｈｅ               ｒｅｃｋｏｎｉｎｇ               ａｌｗａｙｓ               ｃｏｍｅｓ,               ｂｕｔ               ｆｏｒ               ｍｏｓｔ               ｏｆ               ｕｓ,               ｌａｔｅｒ               ｉｓ               ｂｅｔｔｅｒ               ｔｈａｎ               ｓｏｏｎｅｒ.

Ｅｃｏｎｏｍｉｃ               ｒａｔｉｏｎａｌｉｔｙ               ｔａｋｅｓ               ａ               ｂａｃｋ               ｓｅａｔ               ｔｏ               ｓｏｃｉａｌ               ｎｅｃｅｓｓｉｔｙ               ａｎｄ               ｐｏｌｉｔｉｃａｌ               ｃｏｍｍｏｎ               ｓｅｎｓｅ.
               Ｅｖｅｒｙ               ｃｏｕｎｔｒｙ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ               ｉｓ               ｌｏｏｋｉｎｇ               ｉｎｗａｒｄ               ａｔ               ｔｈｅ               ｉｍｐａｃｔ               ｏｆ               ｔｈｅ               ｒｅｃｅｓｓｉｏｎ               ｏｎ               ｉｔｓ               ｅｃｏｎｏｍｙ               ａｎｄ               ｍｅａｓｕｒｉｎｇ               ｉｔｓ               ｒｅｓｏｕｒｃｅｓ.

Ｃｏｕｎｔｒｉｅｓ               ａｒｅ               ｄｅｃｉｄｉｎｇ               ｗｈｅｔｈｅｒ               ｔｈｅｙ               ｈａｖｅ               ｔｈｅ               ａｂｉｌｉｔｙ               ｔｏ               ｐｒｏｐ               ｕｐ               ｂｕｓｉｎｅｓｓ               ｔｈａｔ               ｓｈｏｕｌｄ               ｆａｉｌ,               ｗｈａｔ               ｔｈｅ               ｓｏｃｉａｌ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｏｆ               ｂｕｓｉｎｅｓｓ               ｆａｉｌｕｒｅ               ｗｏｕｌｄ               ｂｅ,               ａｎｄ               ｗｈｅｔｈｅｒ               ｔｈｅｙ               ｓｈｏｕｌｄ               ｔｒｙ               ｔｏ               ｕｓｅ               ｔｈｅｉｒ               ｒｅｓｏｕｒｃｅｓ               ｔｏ               ａｖｏｉｄ               ｔｈｅ               ｉｍｍｅｄｉａｔｅ               ｐａｉｎ               ｏｆ               ｒｅｃｅｓｓｉｏｎ.

Ｔｈｉｓ               ｉｓ               ｗｈｙ               ｔｈｅ               Ｇ-20               ｅｎｄｅｄ               ｉｎ               ｍｅａｎｉｎｇｌｅｓｓ               ｐｌａｔｉｔｕｄｅｓ.
               Ｅａｃｈ               ｃｏｕｎｔｒｙ               ｉｓ               ａｌｓｏ               ｔｒｙｉｎｇ               ｔｏ               ａｎｓｗｅｒ               ｔｈｅ               ｑｕｅｓｔｉｏｎ               ｏｆ               ｈｏｗ               ｍｕｃｈ               ｐａｉｎ               ｉｔ               -               ａｎｄ               ｉｔｓ               ｒｅｇｉｍｅ               -               ｃａｎ               ｅｎｄｕｒｅ.

Ｔｈｅ               ｍｏｒｅ               ｐａｉｎ               ｉｍｐｏｓｅｄ,               ｔｈｅ               ｈｅａｌｔｈｉｅｒ               ｃｏｕｎｔｒｉｅｓ               ｗｉｌｌ               ｅｍｅｒｇｅ               ｅｃｏｎｏｍｉｃａｌｌｙ               -               ｕｎｌｅｓｓ               ｏｆ               ｃｏｕｒｓｅ               ｔｈｅ               ｐａｉｎ               ｋｉｌｌｓ               ｔｈｅｍ.

Ｕｌｔｉｍａｔｅｌｙ,               ｔｈｅ               ｒａｔｉｏｎａｌｉｔｙ               ｏｆ               ｅｃｏｎｏｍｉｃｓ               ａｎｄ               ｔｈｅ               ｒｅａｌｉｔｙ               ｏｆ               ｓｏｃｉｅｔｙ               ｆｒｅｑｕｅｎｔｌｙ               ｄｉｖｅｒｇｅ.
               Ｒｅｃｅｓｓｉｏｎ               ａｎｄ               ｔｈｅ               Ｕ.Ｓ.

Ａｕｔｏ               Ｉｎｄｕｓｔｒｙ
               Ｆｏｒ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ,               ｔｈｉｓ               ｃｈｏｉｃｅ               ｈａｓ               ｂｅｅｎ               ｐｏｓｅｄ               ｉｎ               ｓｔａｒｋ               ｔｅｒｍｓ               ｗｉｔｈ               ｒｅｇａｒｄ               ｔｏ               ｔｈｅ               ｄｉｌｅｍｍａ               ｏｆ               ｗｈｅｔｈｅｒ               ｔｈｅ               Ｕ.Ｓ.

ｇｏｖｅｒｎｍｅｎｔ               ｓｈｏｕｌｄ               ｕｓｅ               ｉｔｓ               ｒｅｓｏｕｒｃｅｓ               ｔｏ               ｒｅｓｃｕｅ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ.

Ｔｈｅ               Ａｍｅｒｉｃａｎ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｗａｓ               ｏｎｃｅ               ｔｈｅ               ｃｅｎｔｅｒｐｉｅｃｅ               ｏｆ               ｔｈｅ               Ｕ.Ｓ.

ｅｃｏｎｏｍｙ.

Ｔｈａｔ               ｈａｓｎ'ｔ               ｂｅｅｎ               ｔｒｕｅ               ｆｏｒ               ａ               ｇｅｎｅｒａｔｉｏｎ,               ａｓ               ｏｔｈｅｒ               ｉｎｄｕｓｔｒｉｅｓ               ａｎｄ               ｓｅｒｖｉｃｅｓ               ｈａｖｅ               ｓｕｐｐｌａｎｔｅｄ               ｉｔ               ａｎｄ               ｏｔｈｅｒ               ｃｏｕｎｔｒｉｅｓ'               ａｕｔｏ               ｉｎｄｕｓｔｒｉｅｓ               ｈａｖｅ               ｓｕｒｐａｓｓｅｄ               ｉｔ.

Ｎｅｖｅｒｔｈｅｌｅｓｓ,               ｔｈｅ               Ｕ.Ｓ.

ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｒｅｍａｉｎｓ               ｉｍｐｏｒｔａｎｔ.

Ｉｔ               ｍｉｇｈｔ               ｄｒａｉｎ               ｔｈｅ               Ｕ.Ｓ.

ｅｃｏｎｏｍｙ               ｂｙ               ｌｏｓｉｎｇ               ｖａｓｔ               ａｍｏｕｎｔｓ               ｏｆ               ｍｏｎｅｙ               ａｎｄ               ｄｅｓｔｒｏｙｉｎｇ               ｔｈｅ               ｅｑｕｉｔｙ               ｈｅｌｄ               ｂｙ               ｉｔｓ               ｉｎｖｅｓｔｏｒｓ,               ｂｕｔ               ｉｔ               ｅｍｐｌｏｙｓ               ｌａｒｇｅ               ｎｕｍｂｅｒｓ               ｏｆ               ｐｅｏｐｌｅ.

Ｐｅｒｈａｐｓ               ｍｏｒｅ               ｉｍｐｏｒｔａｎｔ,               ｉｔ               ｐｕｒｃｈａｓｅｓ               ｓｕｐｐｌｉｅｓ               ｆｒｏｍ               ｌｉｔｅｒａｌｌｙ               ｔｈｏｕｓａｎｄｓ               ｏｆ               Ｕ.Ｓ.

ｃｏｍｐａｎｉｅｓ.
               Ｔｈｅｒｅ               ｃａｎ               ｂｅ               ｅｎｄｌｅｓｓ               ｄｉｓｃｕｓｓｉｏｎｓ               ｏｆ               ｗｈｙ               ｔｈｅ               Ｕ.Ｓ.

ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｉｓ               ｉｎ               ｓｕｃｈ               ｔｒｏｕｂｌｅ.

Ｔｈｅ               ａｎｓｗｅｒ               ｌｉｅｓ               ｎｏｔ               ｉｎ               ｏｎｅ               ｐｌａｃｅ               ｂｕｔ               ｉｎ               ｍａｎｙ,               ｆｒｏｍ               ｔｈｅ               ｄｅｃｉｓｉｏｎｓ               ａｎｄ               ｍａｋｅｕｐ               ｏｆ               ｍａｎａｇｅｍｅｎｔ               ｔｏ               ｔｈｅ               ｕｎｉｏｎｓ               ｔｈａｔ               ｃｏｎｔｒｏｌ               ｍｕｃｈ               ｏｆ               ｔｈｅ               ｗｏｒｋｆｏｒｃｅ,               ａｎｄ               ｆｒｏｍ               ｔｈｅ               ｃｏｓｔ               ｓｔｒｕｃｔｕｒｅ               ｉｎｈｅｒｅｎｔ               ｉｎ               ｐｒｏｄｕｃｉｎｇ               ｃａｒｓ               ｉｎ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｅｃｏｎｏｍｙ               ｔｏ               ａ               ｓｉｍｐｌｅ               ｓｙｓｔｅｍｉｃ               ｉｎａｂｉｌｉｔｙ               ｔｏ               ｐｒｏｄｕｃｅ               ｏｕｔｓｔａｎｄｉｎｇ               ｖｅｈｉｃｌｅｓ.

Ｔｈｅｒｅ               ｍｉｇｈｔ               ｂｅ               ｖａｒｙｉｎｇ               ｄｅｇｒｅｅｓ               ｏｆ               ｔｒｕｔｈ               ｔｏ               ａｌｌ               ｏｒ               ｓｏｍｅ               ｏｆ               ｔｈｉｓ,               ｂｕｔ               ｔｈｅ               ｆａｃｔ               ｒｅｍａｉｎｓ               ｔｈａｔ               ｅａｃｈ               ｏｆ               ｔｈｅ               Ｕ.Ｓ.

ｃａｒｍａｋｅｒｓ               ｉｓ               ｏｎ               ｔｈｅ               ｖｅｒｇｅ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｃｏｌｌａｐｓｅ.
               Ｔｈｉｓ               ｉｓ               ｗｈａｔ               ｒｅｃｅｓｓｉｏｎｓ               ａｒｅ               ｓｕｐｐｏｓｅｄ               ｔｏ               ｄｏ.

Ａｓ               ｉｎ               Ｃｈｉｎａ               ａｎｄ               ｅｖｅｒｙｗｈｅｒｅ               ｅｌｓｅ,               ｒｅｃｅｓｓｉｏｎｓ               ｒｅｖｅａｌ               ｗｅａｋ               ｂｕｓｉｎｅｓｓｅｓ               ａｎｄ               ｄｅｓｔｒｏｙ               ｔｈｅｍ,               ｆｒｅｅｉｎｇ               ｕｐ               ｒｅｓｏｕｒｃｅｓ               ｆｏｒ               ｎｅｗ               ｅｎｔｅｒｐｒｉｓｅｓ.

Ｔｈｉｓ               ｒｅｃｅｓｓｉｏｎ               ｈａｓ               ｈｉｔ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｈａｒｄ,               ａｎｄ               ｉｔ               ｉｓ               ｕｎｌｉｋｅｌｙ               ｔｈａｔ               ｉｔ               ｉｓ               ｇｏｉｎｇ               ｔｏ               ｓｕｒｖｉｖｅ.

Ｔｈｅ               ｕｌｔｉｍａｔｅ               ｒｅａｓｏｎ               ｉｓ               ｔｈｅ               ｓａｍｅ               ｏｎｅ               ｔｈａｔ               ｄｅｓｔｒｏｙｅｄ               ｔｈｅ               Ｕ.Ｓ.

ｓｔｅｅｌ               ｉｎｄｕｓｔｒｙ               ａ               ｇｅｎｅｒａｔｉｏｎ               ａｇｏ:               Ｇｉｖｅｎ               Ｕ.Ｓ.

ｃｏｓｔ               ｓｔｒｕｃｔｕｒｅｓ,               ｐｒｏｄｕｃｉｎｇ               ｃｏｍｍｏｄｉｔｙ               ｐｒｏｄｕｃｔｓ               ｉｓ               ｂｅｓｔ               ｌｅｆｔ               ｔｏ               ｃｏｕｎｔｒｉｅｓ               ｗｉｔｈ               ｌｏｗｅｒ               ｗａｇｅ               ｒａｔｅｓ,               ｗｈｉｌｅ               ｍｏｒｅ               ｅｘｐｅｎｓｉｖｅ               Ｕ.Ｓ.

ｌａｂｏｒ               ｉｓ               ｄｅｐｌｏｙｅｄ               ｉｎ               ｍｏｒｅ               ｓｐｅｃｉａｌｉｚｅｄ               ｐｒｏｄｕｃｔｓ               ｒｅｑｕｉｒｉｎｇ               ｇｒｅａｔｅｒ               ｅｘｐｅｒｔｉｓｅ.

Ｔｈｕｓ,               ｔｈｅｒｅ               ｉｓ               ｓｔｉｌｌ               ｓｔｅｅｌ               ｐｒｏｄｕｃｔｉｏｎ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ,               ｂｕｔ               ｉｔ               ｉｓ               ｓｐｅｃｉａｌｔｙ               ｓｔｅｅｌ               ｐｒｏｄｕｃｔｉｏｎ,               ｎｏｔ               ｃｏｍｍｏｄｉｔｙ               ｓｔｅｅｌ.

Ｓｉｍｉｌａｒｌｙ,               ｔｈｅｒｅ               ｗｉｌｌ               ｂｅ               ｓｐｅｃｉａｌｔｙ               ａｕｔｏ               ｐｒｏｄｕｃｔｉｏｎ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ,               ｂｕｔ               ｃｏｍｍｏｄｉｔｙ               ａｕｔｏ               ｐｒｏｄｕｃｔｉｏｎ               ｗｉｌｌ               ｃｏｍｅ               ｆｒｏｍ               ｏｔｈｅｒ               ｃｏｕｎｔｒｉｅｓ.
               Ｔｈａｔ               ｓｏｕｎｄｓ               ｅａｓｙ,               ｂｕｔ               ｔｈｅ               ｔｒａｎｓｉｔｉｏｎ               ａｃｔｕａｌｌｙ               ｗｉｌｌ               ｂｅ               ａ               ｂｌｏｏｄｌｅｔｔｉｎｇ.

Ｃｕｒｒｅｎｔ               ｅｍｐｌｏｙｅｅｓ               ｏｆ               ｂｏｔｈ               ｔｈｅ               ａｕｔｏｍａｋｅｒｓ               ａｎｄ               ｓｕｐｐｌｉｅｒｓ               ｗｉｌｌ               ｂｅ               ｄｅｖａｓｔａｔｅｄ.

Ｉｎｓｔｉｔｕｔｉｏｎｓ               ｔｈａｔ               ｈａｖｅ               ｌｅｎｔ               ｍｏｎｅｙ               ｔｏ               ｔｈｅ               ａｕｔｏｍａｋｅｒｓ               ｗｉｌｌ               ｓｕｆｆｅｒ               ｍａｓｓｉｖｅ               ｏｒ               ｔｏｔａｌ               ｌｏｓｓｅｓ.

Ｐｅｎｓｉｏｎｅｒｓ               ｍｉｇｈｔ               ｌｏｓｅ               ｐｅｎｓｉｏｎｓ               ａｎｄ               ｈｅａｌｔｈ               ｃａｒｅ               ｂｅｎｅｆｉｔｓ,               ａｎｄ               ａｎ               ｅｎｔｉｒｅ               ｒｅｇｉｏｎ               ｏｆ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               -               ｔｈｅ               ｉｎｄｕｓｔｒｉａｌ               Ｍｉｄｗｅｓｔ               -               ｗｉｌｌ               ｂｅ               ｄｅｖａｓｔａｔｅｄ.

Ｓｏｍｅｔｈｉｎｇ               ｓｔｒｏｎｇｅｒ               ｗｉｌｌ               ｇｒｏｗ               ｅｖｅｎｔｕａｌｌｙ,               ｂｕｔ               ｎｏｔ               ｉｎ               ｔｉｍｅ               ｆｏｒ               ｍａｎｙ               ｏｆ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｅｍｐｌｏｙｅｅｓ,               ｓｈａｒｅｈｏｌｄｅｒｓ               ａｎｄ               ｃｒｅｄｉｔｏｒｓ.
               Ｈｅｒｅ               ｔｈｅ               ｅｃｏｎｏｍｉｃ               ａｎｓｗｅｒ,               ｃｕｌｌ,               ｍｅｅｔｓ               ｔｈｅ               ｓｏｃｉａｌ               ａｎｓｗｅｒ,               ｓｔａｂｉｌｉｚｅ.

Ｐｏｌｉｃｙｍａｋｅｒｓ               ｈａｖｅ               ａ               ｄｅｃｉｓｉｏｎ               ｔｏ               ｍａｋｅ.

Ｉｆ               ｔｈｅ               ａｕｔｏｍａｋｅｒｓ               ｆａｉｌ               ｎｏｗ,               ｔｈｅｉｒ               ｄｒａｉｎ               ｏｎ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｗｉｌｌ               ｅｎｄ;               ｔｈｅ               ｐａｉｎ               ｗｉｌｌ               ｂｅ               ｓｈｏｒｔｅｒ,               ｉｆ               ｍｏｒｅ               ｉｎｔｅｎｓｅ;               ａｎｄ               ｎｅｗ               ｉｎｄｕｓｔｒｉｅｓ               ｗｏｕｌｄ               ｅｍｅｒｇｅ               ｍｏｒｅ               ｑｕｉｃｋｌｙ.

Ｂｕｔ               ｔｈｏｕｇｈ               ｔｈｅｉｒ               ｄｒａｉｎ               ｏｎ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｗｏｕｌｄ               ｅｎｄ,               ｔｈｅ               ｉｍｐａｃｔ               ｏｆ               ｔｈｅ               ａｕｔｏｍａｋｅｒｓ'               ｆａｉｌｕｒｅ               ｏｎ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｗｏｕｌｄ               ｂｅ               ｓｅｉｓｍｉｃ.

Ｕｎｅｍｐｌｏｙｍｅｎｔ               ｗｏｕｌｄ               ｓｕｒｇｅ,               ａｓ               ｗｏｕｌｄ               ｂａｎｋｒｕｐｔｃｉｅｓ               ｏｆ               ｍａｎｙ               ａｕｔｏ               ｓｕｐｐｌｉｅｒｓ.

Ｄｅｆａｕｌｔｓ               ｏｎ               ｌｏａｎｓ               ｗｏｕｌｄ               ｈｉｔ               ｔｈｅ               ｃｒｅｄｉｔ               ｍａｒｋｅｔｓ.

Ｉｎ               ｔｈｅ               Ｍｉｄｗｅｓｔ,               ｈｏｍｅ               ｐｒｉｃｅｓ               ｗｏｕｌｄ               ｐｌｕｍｍｅｔ               ａｎｄ               ｆｏｒｅｃｌｏｓｕｒｅｓ               ｗｏｕｌｄ               ｓｋｙｒｏｃｋｅｔ.

Ａｎｄ               ｈｅａｖｅｎ               ｏｎｌｙ               ｋｎｏｗｓ               ｗｈａｔ               ｔｈｅ               ｉｍｐａｃｔ               ｏｎ               ｅｑｕｉｔｙ               ｍａｒｋｅｔｓ               ｗｏｕｌｄ               ｂｅ.
               Ｉｎ               ｔｈｅ               Ｕ.Ｓ.

ｃａｓｅ,               ｔｈｅ               ｈｅａｌｔｈｆｕｌ               ｐｕｒｇａｔｉｖｅ               ｏｆ               ａ               ｒｅｃｅｓｓｉｏｎ               ｃｏｕｌｄ               ｐｏｔｅｎｔｉａｌｌｙ               ｐｕｔ               ｔｈｅ               ｐａｔｉｅｎｔ               ｉｎ               ａ               ｃｏｍａ.

Ｆｅｗ               ｉｆ               ａｎｙ               ｂｅｌｉｅｖｅ               ｔｈｅ               Ｕ.Ｓ.

ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｃａｎ               ｓｕｒｖｉｖｅ               ｉｎ               ｉｔｓ               ｃｕｒｒｅｎｔ               ｆｏｒｍ.

Ｂｕｔ               ｔｈｅｒｅ               ｉｓ               ａｎ               ｅｍｅｒｇｉｎｇ               ｃｏｎｓｅｎｓｕｓ               ｉｎ               Ｗａｓｈｉｎｇｔｏｎ               ｔｈａｔ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｍｕｓｔ               ｎｏｔ               ｂｅ               ａｌｌｏｗｅｄ               ｔｏ               ｆａｉｌ               ｎｏｗ.

Ｔｈｅ               ａｒｇｕｍｅｎｔ               ｆｏｒ               ｓｐｅｎｄｉｎｇ               ｍｏｎｅｙ               ｏｎ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｉｓ               ｎｏｔ               ｔｏ               ｓａｖｅ               ｉｔ,               ｂｕｔ               ｔｏ               ｐｏｓｔｐｏｎｅ               ｉｔｓ               ｆａｉｌｕｒｅ               ｕｎｔｉｌ               ａ               ｌｅｓｓ               ｄｅｖａｓｔａｔｉｎｇ               ａｎｄ               ｉｎｃｏｎｖｅｎｉｅｎｔ               ｔｉｍｅ.

Ｉｎ               ｏｔｈｅｒ               ｗｏｒｄｓ,               ｆｅａｒｉｎｇ               ｔｈｅ               ｓｏｃｉａｌ               ａｎｄ               ｐｏｌｉｔｉｃａｌ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｏｆ               ａ               ｒｅｃｅｓｓｉｏｎ               ｗｏｒｋｉｎｇ               ｉｔｓｅｌｆ               ｔｈｒｏｕｇｈ               ｔｏ               ｉｔｓ               ｌｏｇｉｃａｌ               ｃｏｎｃｌｕｓｉｏｎ,               Ｗａｓｈｉｎｇｔｏｎ               -               ｌｉｋｅ               Ｂｅｉｊｉｎｇ               -               ｗａｎｔｓ               ｔｏ               ｓｐｅｎｄ               ｍｏｎｅｙ               ｉｔ               ｐｒｏｂａｂｌｙ               ｗｏｎ'ｔ               ｒｅｃｏｖｅｒ               ｔｏ               ｐｏｓｔｐｏｎｅ               ｔｈｅ               ｆａｉｌｕｒｅ.

Ｉｎｄｅｅｄ,               ｇｏｖｅｒｎｍｅｎｔｓ               ａｒｏｕｎｄ               ｔｈｅ               ｗｏｒｌｄ               ａｒｅ               ｃｏｎｓｉｄｅｒｉｎｇ               ｗｈａｔ               ｆａｉｌｕｒｅｓ               ｔｏ               ｔｏｌｅｒａｔｅ,               ｗｈａｔ               ｆａｉｌｕｒｅｓ               ｔｏ               ｐｏｓｔｐｏｎｅ,               ａｎｄ               ｈｏｗ               ｍｕｃｈ               ｔｏ               ｓｐｅｎｄ               ｏｎ               ｔｈｅ               ｌａｔｔｅｒ.

Ｇｅｎｅｒａｌ               Ｍｏｔｏｒｓ               ｉｓ               ｍｅｒｅｌｙ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｃａｓｅ               ｉｎ               ｐｏｉｎｔ.
               Ｔｈｅ               Ｒｅｃｅｓｓｉｏｎ               ｉｎ               Ｃｏｎｔｅｘｔ
               Ｔｈｅ               ｐｅｏｐｌｅ               ａｒｇｕｉｎｇ               ｆｏｒ               ｐｏｓｔｐｏｎｅｍｅｎｔ               ａｒｅｎ'ｔ               ｆｏｏｌｉｓｈ.

Ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ               ｉｓ               ｓｔｉｌｌ               ｗｏｒｋｉｎｇ               ｉｔｓ               ｗａｙ               ｔｈｒｏｕｇｈ               ａ               ｍａｓｓｉｖｅ               ｃｒｉｓｉｓ               ｔｈａｔ               ｈａｄ               ｌｉｔｔｌｅ               ｔｏ               ｄｏ               ｗｉｔｈ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ.

Ｓｏｍｅ               ｔｒａｃｔｉｏｎ               ａｐｐｅａｒｓ               ｔｏ               ｂｅ               ｏｃｃｕｒｒｉｎｇ;               ｃｅｒｔａｉｎｌｙ               ｔｈｅｒｅ               ｗａｓ               ｎｏ               ｃｒｉｓｉｓ               ａｔｍｏｓｐｈｅｒｅ               ａｔ               ｔｈｅ               Ｇ-20               ｍｅｅｔｉｎｇ.

Ｔｈｅ               ｅｃｏｎｏｍｙ               ｉｓ               ｉｎ               ｒｅｃｅｓｓｉｏｎ,               ｂｕｔ               ｉｎ               ｓｐｉｔｅ               ｏｆ               ｔｈｅ               ｉｎｅｖｉｔａｂｌｅ               ｃｌａｉｍｓ               ｔｈａｔ               ｗｅ               ｈａｖｅ               ｎｅｖｅｒ               ｓｅｅｎ               ａｎｙｔｈｉｎｇ               ｌｉｋｅ               ｔｈｉｓ               ｏｎｅ               ｂｅｆｏｒｅ,               ｗｅ               ｈａｖｅ.

Ｔｈｅｒｅ               ｉｓ               ａｌｗａｙｓ               ｓｏｍｅ               ｖａｒｉａｂｌｅ               ｔｈａｔ               ｓｗｉｎｇｓ               ｔｏ               ａｎ               ｅｘｔｒｅｍｅ               -               ｔｈｉｓ               ｔｉｍｅ,               ｉｔ               ｉｓ               ｃｏｎｓｕｍｅｒ               ｓｐｅｎｄｉｎｇ               -               ｂｕｔ               ｗｅ               ａｒｅ               ｓｔｉｌｌ               ｗｅｌｌ               ｗｉｔｈｉｎ               ｔｈｅ               ｆｒａｍｅｗｏｒｋ               ｏｆ               ｒｅｃｅｎｔ               ｒｅｃｅｓｓｉｏｎｓ.
               Ｃｏｎｓｉｄｅｒ               ｔｈｅ               ｅｑｕｉｔｙ               ｍａｒｋｅｔｓ,               ｗｈｉｃｈ               ｗｅ               ｒｅｇａｒｄ               ａｓ               ａ               ｌｏｎｇ-ｔｅｒｍ               ｍｅａｓｕｒｅ               ｏｆ               ｔｈｅ               ｍａｒｋｅｔ'ｓ               ｅｖａｌｕａｔｉｏｎ               ｏｆ               ｔｈｅ               ｓｔａｔｅ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｙ.

Ｉｎ               Ｊａｎｕａｒｙ               2000,               ｔｈｅ               Ｓ&Ｐ               500               ｐｅａｋｅｄ               ａｔ               1,455.

Ｔｈｉｓ               ｗａｓ               ｔｈｅ               ｔｏｐ               ｏｆ               ｔｈｅ               ｍａｒｋｅｔ.

Ｉｎ               Ｊｕｌｙ               2002,               18               ｍｏｎｔｈｓ               ｌａｔｅｒ,               ｔｈｅ               Ｓ&Ｐ               ｂｏｔｔｏｍｅｄ               ｏｕｔ               ａｔ               935.

Ｏｖｅｒ               ｔｈｅ               ｎｅｘｔ               ｆｉｖｅ               ｙｅａｒｓ               ｉｔ               ｒｏｓｅ               ｔｏ               1,519               ｉｎ               Ｊｕｌｙ               2007,               ｔｈｅ               ｈｅｉｇｈｔ               ｆｏｒ               ｔｈｉｓ               ｃｙｃｌｅ.

Ｉｔ               ｆｅｌｌ               ｆｒｏｍ               ｔｈｉｓ               ｐｏｉｎｔ               ｕｎｔｉｌ               Ｎｏｖ.

12,               2008,               ｗｈｅｎ               ｉｔ               ｃｌｏｓｅｄ               ａｔ               852.30.

Ｔｈｉｓ               ｐａｓｔ               Ｆｒｉｄａｙ,               ｉｔ               ｗａｓ               ａｔ               873.29.
               Ｗｅ               ｄｏ               ｎｏｔ               ｋｎｏｗ               ｗｈａｔ               ｔｈｅ               ｍａｒｋｅｔ               ｗｉｌｌ               ｄｏ               ｉｎ               ｔｈｅ               ｆｕｔｕｒｅ.

Ｔｈｅｒｅ               ａｒｅ               ｐｅｏｐｌｅ               ｍｕｃｈ               ｓｍａｒｔｅｒ               ｔｈａｎ               ｗｅ               ａｒｅ               ｗｈｏ               ｃｌａｉｍ               ｔｏ               ｋｎｏｗ               ｔｈａｔ.

Ｗｈａｔ               ｗｅ               ｄｏ               ｋｎｏｗ               ｉｓ               ｗｈａｔ               ｉｔ               ｈａｓ               ｄｏｎｅ.

Ａｎｄ               ｗｈａｔ               ｉｔ               ｈａｓ               ｄｏｎｅ               ｔｈｉｓ               ｔｉｍｅ               -               ｓｏ               ｆａｒ               -               ｉｓ               ａｌｍｏｓｔ               ｅｘａｃｔｌｙ               ｗｈａｔ               ｉｔ               ｄｉｄ               ｌａｓｔ               ｔｉｍｅ,               ｅｘｃｅｐｔ               ｔｈａｔ               ｉｎ               2000-2002               ｉｔ               ｔｏｏｋ               18               ｍｏｎｔｈｓ               ｔｏ               ｄｏ               ｉｔ,               ｗｈｉｌｅ               ｔｈｉｓ               ｔｉｍｅ               ｉｔ               ｗａｓ               ｄｏｎｅ               ｉｎ               ａｂｏｕｔ               16               ａｎｄ               ａ               ｈａｌｆ               ｍｏｎｔｈｓ               (ａｓｓｕｍｉｎｇ               ｉｔ               ｂｏｔｔｏｍｅｄ               ｏｕｔ               Ｎｏｖ.

12).

Ｂｕｔ               ｅｖｅｎ               ｉｆ               ｔｈｅ               ｍａｒｋｅｔ               ｄｉｄｎ'ｔ               ｂｏｔｔｏｍ               ｏｕｔ               ｔｈｅｎ,               ａｎｄ               ｉｔ               ｆａｌｌｓ               ｔｏ               775,               ｆｏｒ               ｅｘａｍｐｌｅ,               ｉｔ               ｗｉｌｌ               ｈａｖｅ               ｌｏｓｔ               50               ｐｅｒｃｅｎｔ               ｏｆ               ｉｔｓ               ｖａｌｕｅ               ｆｒｏｍ               ｔｈｅ               ｐｅａｋ.

Ｔｈｉｓ               ｗｏｕｌｄ               ｂｅ               ｍｏｒｅ               ｔｈａｎ               ｉｎ               2000-2002,               ｂｕｔ               ｎｏｔ               ｕｎｐｒｅｃｅｄｅｎｔｅｄ.
               Ｔｈｅ               ｐｏｉｎｔ               ｗｅ               ａｒｅ               ｍａｋｉｎｇ               ｈｅｒｅ               ｉｓ               ｔｈａｔ               ｉｆ               ｗｅ               ｒｅｇａｒｄ               ｔｈｅ               ｅｑｕｉｔｙ               ｍａｒｋｅｔｓ               ａｓ               ａ               ｌｏｎｇ-ｔｅｒｍ               ｓｅｉｓｍｏｇｒａｐｈ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｙ,               ｔｈｅｎ               ｓｏ               ｆａｒ,               ｄｅｓｐｉｔｅ               ａｌｌ               ｔｈｅ               ｓｔｏｒｍ               ａｎｄ               ｓｔｒｅｓｓ,               ｔｈｅ               ｍａｒｋｅｔｓ               -               ａｎｄ               ｔｈｅｒｅｆｏｒｅ               ｔｈｅ               ｅｃｏｎｏｍｙ               -               ｒｅｍａｉｎ               ｗｉｔｈｉｎ               ｔｈｅ               ｇｅｎｅｒａｌ               ｐａｔｔｅｒｎ               ｏｆ               ｔｈｅ               2000-2002               ｍａｒｋｅｔ               ａｔ               ｔｈｅ               2001               ｒｅｃｅｓｓｉｏｎ.

Ｔｈａｔ               ｒｅｃｅｓｓｉｏｎ               ｃｅｒｔａｉｎｌｙ               ｗａｓ               ｕｎｐｌｅａｓａｎｔ,               ｗｈａｔ               ｗｉｔｈ               ｔｈｅ               ｄｅｖａｓｔａｔｉｏｎ               ｏｆ               ｔｈｅ               ｔｅｃｈ               ｓｅｃｔｏｒ,               ｂｕｔ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｓｕｒｖｉｖｅｄ.

Ａｔ               ｔｈｅ               ｓａｍｅ               ｔｉｍｅ,               ｈｏｗｅｖｅｒ,               ｉｔ               ｉｓ               ｃｌｅａｒ               ｔｈａｔ               ｔｈｉｎｇｓ               ａｒｅ               ｂａｌａｎｃｅｄ               ｏｎ               ａ               ｋｎｉｆｅ'ｓ               ｅｄｇｅ.

Ａｎｏｔｈｅｒ               ｈｕｎｄｒｅｄ               ｐｏｉｎｔｓ'               ｆａｌｌ               ｏｎ               ｔｈｅ               Ｓ&Ｐ,               ａｎｄ               ｔｈｅ               ｍａｒｋｅｔｓ               ｗｉｌｌ               ｂｅ               ｔｅｌｌｉｎｇ               ｕｓ               ｔｈａｔ               ｔｈｅ               ｗｏｒｌｄ               ｉｓ               ｉｎ               ａ               ｖｅｒｙ               ｄｉｆｆｅｒｅｎｔ               ｐｌａｃｅ               ｉｎｄｅｅｄ.
               Ａ               ｍａｓｓｉｖｅ               ｂａｎｋｒｕｐｔｃｙ               ｉｎ               ｔｈｅ               ａｕｔｏｍｏｔｉｖｅ               ｓｅｃｔｏｒ               ｃｏｕｌｄ               ｃｅｒｔａｉｎｌｙ               ｓｅｔ               ｔｈｅ               ｓｔａｇｅ               ｆｏｒ               ａｎ               ｅｃｏｎｏｍｉｃ               ｒｅｎａｉｓｓａｎｃｅ               ｉｎ               ｔｈｅ               ｎｅｘｔ               ｇｅｎｅｒａｔｉｏｎ.

Ｂｕｔ               ａｔ               ｔｈｉｓ               ｐａｒｔｉｃｕｌａｒ               ｍｏｍｅｎｔ               ｉｎ               ｔｉｍｅ               (ｉｔ'ｓ               ｎｏ               ｃｏｉｎｃｉｄｅｎｃｅ               ｔｈａｔ               ｔｈｅ               ｃｒｉｓｉｓ               ｉｎ               ｔｈｅ               Ｕ.Ｓ.

ａｕｔｏｍｏｔｉｖｅ               ｉｎｄｕｓｔｒｙ               ｃｏｍｅｓ               ａｓ               ｗｅ               ｅｎｔｅｒ               ａ               ｒｅｃｅｓｓｉｏｎ),               ａ               ｗａｖｅ               ｏｆ               ｂａｎｋｒｕｐｔｃｉｅｓ               ｗｏｕｌｄ               ｄｒａｍａｔｉｃａｌｌｙ               ｄｅｅｐｅｎ               ｔｈｅ               ｒｅｃｅｓｓｉｏｎ.

Ｔｈｉｓ               ｐｒｏｂａｂｌｙ               ｗｏｕｌｄ               ｂｅ               ｒｅｆｌｅｃｔｅｄ               ｂｙ               ｔｈｅ               ｄｅｓｔｒｕｃｔｉｏｎ               ｏｆ               ｔｒｉｌｌｉｏｎｓ               ｍｏｒｅ               ｉｎ               ｎｅｔ               ｗｏｒｔｈ               ｉｎ               ｔｈｅ               ｅｑｕｉｔｙ               ｍａｒｋｅｔｓ.
               Ｔｈｅｒｅ               ｉｓ               ａ               ｐｏｗｅｒｆｕｌ               ｃｏｕｎｔｅｒａｒｇｕｍｅｎｔ               ｔｏ               ｂａｉｌｉｎｇ               ｏｕｔ               ｔｈｅ               Ｕ.Ｓ.

ａｕｔｏ               ｉｎｄｕｓｔｒｙ.

Ｔｈｉｓ               ａｒｇｕｍｅｎｔ               ｈｏｌｄｓ               ｔｈａｔ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ               ｉｓ               ａ               ｄｒａｉｎ               ｏｎ               ｔｈｅ               Ｕ.Ｓ.

ｅｃｏｎｏｍｙ,               ｔｈａｔ               ｉｔ               ｗｉｌｌ               ｎｅｖｅｒ               ｂｅ               ｇｌｏｂａｌｌｙ               ｃｏｍｐｅｔｉｔｉｖｅ,               ａｎｄ               ｔｈａｔ               ｉｆ               ｉｔ               ｉｓ               ｄｒａｇｇｅｄ               ｂａｃｋ               ｆｒｏｍ               ｔｈｅ               ｅｄｇｅ,               ｎｏ               ｏｎｅ               ｗｉｌｌ               ｔｈｅｎ               ｓａｙ               ｉｔ               ｉｓ               ｔｉｍｅ               ｔｏ               ｐｕｓｈ               ｉｔ               ｔｏ               ｔｈｅ               ｅｄｇｅ               ａｎｄ               ｏｖｅｒ.

Ｔｈｅ               ｎｅｘｔ               ｔｉｍｅ               ｉｔ               ｗｉｌｌ               ｂｅ               ｏｎ               ｔｈｅ               ｂｒｉｎｋ               ｗｉｌｌ               ｂｅ               ｄｕｒｉｎｇ               ｔｈｅ               ｎｅｘｔ               ｒｅｃｅｓｓｉｏｎ,               ａｎｄ               ｔｈｅ               ｓａｍｅ               ａｒｇｕｍｅｎｔ               ｔｏ               ｓａｖｅ               ｉｔ               ｗｉｌｌ               ｂｅ               ｕｓｅｄ.

Ｉｎ               ｄｕｅ               ｃｏｕｒｓｅ,               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ,               ｌｉｋｅ               Ｃｈｉｎａ,               ｗｉｌｌ               ｂｅ               ｓｏ               ｔｅｒｒｉｆｉｅｄ               ｏｆ               ｔｈｅ               ｓｏｃｉａｌ               ａｎｄ               ｐｏｌｉｔｉｃａｌ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｏｆ               ｂｕｓｉｎｅｓｓ               ｆａｉｌｕｒｅ               ｔｈａｔ               ｉｔ               ｗｉｌｌ               ｍａｉｎｔａｉｎ               Ｃｈｉｎｅｓｅ-ｌｉｋｅ               ｓｔａｔｅ               ｏｗｎｅｄ               ｅｎｔｅｒｐｒｉｓｅｓ,               ｆｕｌｌ               ｏｆ               ｅｍｐｌｏｙｅｅｓ               ａｎｄ               ｇｅｎｅｒａｔｉｏｎ-ｏｌｄ               ｐｌａｎｔｓ               ａｎｄ               ｂｕｓｉｎｅｓｓ               ｍｏｄｅｌｓ.

Ｃｌｅａｒｌｙ,               ｓｈｏｒｔ-ｒｕｎ               ｓｏｌｕｔｉｏｎｓ               ｃａｎ               ｅａｓｉｌｙ               ｂｅｃｏｍｅ               ｌｏｎｇ-ｔｅｒｍ               ａｌｂａｔｒｏｓｓｅｓ.
               Ｔｈｅ               ｏｎｌｙ               ｐｏｓｓｉｂｌｅ               ｓｏｌｕｔｉｏｎ               ｗｏｕｌｄ               ｂｅ               ａ               ｂａｉｌｏｕｔ               ｆｏｌｌｏｗｅｄ               ｂｙ               ａ               Ｗａｓｈｉｎｇｔｏｎ-ａｄｍｉｎｉｓｔｅｒｅｄ               ｒｅｓｔｒｕｃｔｕｒｉｎｇ               ｏｆ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ.

Ｔｈｉｓ               ｃａｕｓｅｓ               ｕｓ               ｔｏ               ｉｍａｇｉｎｅ               ａ               ｃｏｌｌａｂｏｒａｔｉｏｎ               ｂｅｔｗｅｅｎ               ｔｈｅ               ａｕｔｏ               ｉｎｄｕｓｔｒｙ'ｓ               ｃｕｒｒｅｎｔ               ｍａｎａｇｅｍｅｎｔ               ａｎｄ               Ｗａｓｈｉｎｇｔｏｎ               ａｄｍｉｎｉｓｔｒａｔｏｒｓ               ｔｈａｔ               ｗｏｕｌｄ               ｆｉｎａｌｌｙ               ｐｕｔ               Ｄｅｔｒｏｉｔ               ｏｎ               ａ               ｐａｔｈ               ｔｏ               ｗｈｅｒｅ               ｉｔ               ｃａｎ               ｃｏｍｐｅｔｅ               ｗｉｔｈ               Ｔｏｙｏｔａ.

Ｆｒａｎｋｌｙ,               ｔｈｅ               ｍｉｎｄ               ｂｏｇｇｌｅｓ               ａｔ               ｔｈｉｓ.

Ｂｕｔ               ｂｏｇｇｌｅ               ｔｈｏｕｇｈ               ｗｅ               ｍｉｇｈｔ,               ｈｉｔｔｉｎｇ               ｔｈｅ               ｅｃｏｎｏｍｙ               ｗｉｔｈ               ａｎｏｔｈｅｒ               ｍａｓｓｉｖｅ               ｆｉｎａｎｃｉａｌ               ｄｅｆａｕｌｔ,               ａ               ｗａｖｅ               ｏｆ               ｂａｎｋｒｕｐｔｃｉｅｓ,               ｍａｓｓｉｖｅ               ｕｎｅｍｐｌｏｙｍｅｎｔ               ｓｕｒｇｅｓ               ａｎｄ               ａｎｏｔｈｅｒ               ｂｌｏｗ               ｔｏ               ｈｏｕｓｉｎｇ               ｐｒｉｃｅｓ               ｂｏｇｇｌｅｓ               ｏｕｒ               ｍｉｎｄ               ｅｖｅｎ               ｍｏｒｅ.
               Ｔｈｅ               ｇｅｏｐｏｌｉｔｉｃａｌ               ｐｒｏｂｌｅｍ               ｃｏｎｆｒｏｎｔｉｎｇ               ｔｈｅ               ｗｏｒｌｄ               ａｔ               ｔｈｅ               ｍｏｍｅｎｔ               ｉｓ               ｔｈａｔ               ｉｔ               ｈａｓ               ｂｅｅｎ               ｆｏｒｃｅｄ               ｔｏ               ｏｆｆｅｒ               ｍａｓｓｉｖｅ               ｓｕｐｐｏｒｔ               ｔｏ               ｔｈｅ               ｇｌｏｂａｌ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ               ｗｉｔｈ               ｓｏｖｅｒｅｉｇｎ               ｗｅａｌｔｈ               -               ｅ.ｇ.,               ｖｉａ               ｔａｘｅｓ               ａｎｄ               ｃｕｒｒｅｎｃｙ               ｐｒｉｎｔｉｎｇ               ｐｒｅｓｓｅｓ.

Ｔｈｅ               ｗｏｒｌｄ               ｍｉｇｈｔ               ｊｕｓｔ               ｈａｖｅ               ｓｑｕｅａｋｅｄ               ｔｈｒｏｕｇｈ               ｔｈａｔ               ｃｒｉｓｉｓ.

Ｎｏｗ,               ｔｈｅ               ｗｏｒｌｄ               ｉｓ               ｉｎ               ａｎ               ｉｎｅｖｉｔａｂｌｅ               ｒｅｃｅｓｓｉｏｎ               ａｎｄ               ｂｕｓｉｎｅｓｓｅｓ               ａｒｅ               ｏｎ               ｔｈｅ               ｂｒｉｎｋ               ｏｆ               ｆａｉｌｕｒｅ.

Ａ               ｗａｖｅ               ｏｆ               ｍａｓｓｉｖｅ               ｂｕｓｉｎｅｓｓ               ｆａｉｌｕｒｅｓ               ｏｎ               ｔｏｐ               ｏｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｍｉｇｈｔ               ｗｅｌｌ               ｍｏｖｅ               ｔｈｅ               ｇｌｏｂａｌ               ｓｙｓｔｅｍ               ｔｏ               ａ               ｖｅｒｙ               ｄｉｆｆｅｒｅｎｔ               ｐｌａｃｅ.

Ｔｈｅｒｅｆｏｒｅ,               ｅａｃｈ               ｎａｔｉｏｎ,               ｂｙ               ｉｔｓｅｌｆ               ａｎｄ               ｉｎｄｉｆｆｅｒｅｎｔ               ｔｏ               ｏｔｈｅｒｓ,               ｉｓ               ｉｎ               ｔｈｅ               ｐｒｏｃｅｓｓ               ｏｆ               ｆｉｇｕｒｉｎｇ               ｏｕｔ               ｈｏｗ               ｔｏ               ｐｏｓｔｐｏｎｅ               ｔｈｅｓｅ               ｆａｉｌｕｒｅｓ               ｔｏ               ａ               ｍｏｒｅ               ｏｐｐｏｒｔｕｎｅ               ｔｉｍｅ               -               ｏｒ               ｔｏ               ｎｅｖｅｒ.

Ｔｈｉｓ               ｗｉｌｌ               ｂｕｉｌｄ               ｉｎ               ｌｏｎｇ-ｔｅｒｍ               ｉｎｅｆｆｉｃｉｅｎｃｉｅｓ               ｔｏ               ｔｈｅ               ｇｌｏｂａｌ               ｅｃｏｎｏｍｙ,               ｂｕｔ               ｒｉｇｈｔ               ｎｏｗ               ｅｖｅｒｙｏｎｅ               ｗｉｌｌ               ｂｅ               ｑｕｉｔｅ               ｃｏｎｔｅｎｔ               ｗｉｔｈ               ｔｈａｔ.
               Ｔｈｕｓ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｃｒｉｓｉｓ               ｂｅｃａｍｅ               ａ               ｒｅｃｅｓｓｉｏｎ,               ａｎｄ               ｔｈｅ               ｒｅｃｅｓｓｉｏｎ               ｔｒｉｇｇｅｒｅｄ               ｂａｎｋｒｕｐｔｃｉｅｓ.

Ａｎｄ               ｂｅｃａｕｓｅ               ｎｏ               ｏｎｅ               ｗａｎｔｓ               ｂａｎｋｒｕｐｔｃｉｅｓ               ｒｉｇｈｔ               ｎｏｗ,               ｅｖｅｒｙｏｎｅ               ｗｈｏ               ｃａｎ               ｉｓ               ｕｓｉｎｇ               ｔａｘｐａｙｅｒ               ｄｏｌｌａｒｓ               ｔｏ               ｐｒｏｔｅｃｔ               ｔｈｅ               ｔａｘｐａｙｅｒ               ｆｒｏｍ               ｔｈｅ               ｃｏｎｓｅｑｕｅｎｃｅｓ               ｏｆ               ｍｉｓｍａｎａｇｅｍｅｎｔ.

Ａｎｄ               ｔｈｅ               ｌａｓｔ               ｔｈｉｎｇ               ａｎｙ               ｏｎｅ               ｃａｒｅｄ               ａｂｏｕｔ               ｗａｓ               ｔｈｅ               Ｇ-20               ｃｏｎｃｅｐｔ               ｆｏｒ               ｔｈｅ               ｆｕｔｕｒｅ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｉｃ               ｓｙｓｔｅｍ.






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