Blog Entries tagged 'past'
Excerpt from a nice, concise interview in Newsweek on the economy with the man who predicted the current state of affairs, Nouriel Roubinin:
What is going to fuel the next growth cycle?
That is a difficult question. The periods of high growth in the United States in the last 25 years have been characterized by an asset and credit bubble. Whatever the future growth is going to be, this time around it needs to be sustainable and not bubble-prone because we are running out of bubbles to create. We had the real-estate [bubble], tech bubble, housing bubble, hedge-fund bubble, private-equity bubble, commodities bubble, even the art bubble—and they are all bursting.
What makes you different from the other economists?
We think usually that crowds—on average—can be wiser than individuals. In this case, most people got it wrong because whenever we are in an irrational, exuberant bubble, people fail to think correctly.
As we reach newer lows, we may be closer to a level of the market that is fundamentally right. A year ago we were not as close to a true bottom. Today we are closer to it. As we become closer to the bottom of the economy, the stock market looks ahead and sees the light at the end of the tunnel and rallies. In spite of these caveats, I would argue that even the latest market rally is a bear-market rally.
Do you worry about China getting tired of holding our bonds?
In the short run, China has no option but to accumulate more reserves and dollar reserves. Why? Because if they stop doing that, their currency would appreciate sharply while their exports are plunging. So in the short run, they are going to keep on accumulating. But I have seen a huge number of new initiatives in the last month that suggest [the Chinese] are pushing for the yuan to become an international currency and a reserve currency. They are doing bilateral deals with countries like Argentina and half a dozen others in yuan, not in dollars.
They are moving away from the dollar?
Yes, slowly they will. First they have to establish their own currency as an international currency. That will take years, but already in a month they have done more than in the last 10 years.
Today at the pool, about ten kids I didn't know called me "Auntie." Here in Hawaii it happens every day.
"Auntie! Watch me put my head underwater!"
"Auntie! My sister can jump, you want to see her?"
"Auntie! Will you help me get my towel?"
"Auntie! Can you show me how to kick my legs while I hold onto the edge of the pool?"
I'm always taken aback by the fearlessness of the kids. They trust me immediately. I'm an Auntie--an elder-- and their sense is that I will take care of them.
It reminds of something very old. And something very new. Something many of us have lost and are looking to regain.
Innocence. Trust. Ease.
In Hawai'i it's called O'hana-- Family.
Now each time a child calls me "Auntie" I feel so proud. That they've chosen me, that they trust me. They ask. I give. It's so easy. I haven't forgotten.
Stamina. Audacity. Courage.
When I did the interview for KPFA in Berkeley, I was exploring the way men can, through supporting women, support a part of themselves. Nityama has taken this to an incredibly dynamic place, and spends his life offering sessions of sexual healing to women
This version is from the site Extatica.
RW: Tell me a little bit about what you do and how you came into this work.
SN: It is sex that brings us onto the planet. We must realize that if we have difficulty with the primal energy that brought us here, then we are going to be mired in self-hatred and be confused about the very thing that has brought us into being.
I love this! Living in Hawaii, I can't tell you how close to home this hits.