From The Wall Street Journal:
The U.S. is weakened. But so are our foes.
It now is highly likely that the United States will face several quarters of negative growth to be followed by several years of low growth. Less and less are we hearing of V- or U-shaped economic recoveries. The immediate future looks like an L: sharp contraction followed by not much in the way of a quick rebound.
Most of the current conversation is about the economic consequences of such a future, and what can and should be done domestically and internationally to soften the blows and speed recovery. But the world is not a series of silos. What happens in the economic realm will spill over into the political and strategic ones. Some of what results will add to the challenges confronting President Barack Obama.
Read more ....
The U.S. is weakened. But so are our foes.
It now is highly likely that the United States will face several quarters of negative growth to be followed by several years of low growth. Less and less are we hearing of V- or U-shaped economic recoveries. The immediate future looks like an L: sharp contraction followed by not much in the way of a quick rebound.
Most of the current conversation is about the economic consequences of such a future, and what can and should be done domestically and internationally to soften the blows and speed recovery. But the world is not a series of silos. What happens in the economic realm will spill over into the political and strategic ones. Some of what results will add to the challenges confronting President Barack Obama.
Read more ....