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The trillion dollar question: the US economy

01.23.56

The trillion dollar question: is the US economy resurgent or dependent?

For most of the twentieth century, the US and the dollar reigned supreme.  But economic power is shifting more and more away from the US to China and the other emerging economies.   How much longer can the world’s biggest borrower be the leading political power?  Filmed at the battle of ideas debate gets heated as speakers move from assessing the state of the US economy to suggesting what’s needed to fix it. Speakers include Professor Iwan Morgan, author and head of US Presidency Centre, Institute for the Study of the Americas, University of London; Phil Mullan, economist, author The Imaginary Time Bomb; Martin Wolf, author, associate editor and chief economics commentator, Financial Times.

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Related topics: Debates, Economy, International

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Tyrell Vacciana said:

The US economy isn’t in debt, it’s a myth! America’s issuing currency, the federal reserve, is a private institution that issues the US dollars with absolutely no oversight, due to the fact it is not part of the government. Due to this fact, the 14 trillion dollars debt could be completely wiped out if the federal reserve were to merely print this sum. However, this would lead to massive inflation. As Thomas Jefferson correctly once stated, ‘A private central bank issuing the public currency is a greater menace to the liberties of the people than a standing army’. Therefore, the federal reserve is an illegitimate entity, and if the American people would have been aware of this fact on the bank’s inception, the second American revolution would have begun in 1913.

Piotr Gorzynski said:

Martin Wolf is a good performer in this debate but even though he is one of the worlds leading economists, I Think his analysis lacks the depth and insight of Phil Mullan. Iwan Morgan I found windy and confusing. I’m reminded that economics is not without politics or separate from it.

Carloline Essen said:

Good debate although I find Professor Morgan hard to listen too. Martin Wolf is all observation, a free market policy wonk with no trousers- doesn’t want to tell it straight or argue what needs doing- another cowardly capitalist?