
Daniel Griswold
Dr. Karl Schiller, West Germany’s Economics Minister between 1966 and 1972, pithily pronounced that: "Stability is not everything, but without stability, everything is nothing." I agree. In the economic sphere, instability is usually a "bad," not a "good." The world’s great destabilizer is the United States. How could this be?
As Chinese engagement with Latin America and the Caribbean has expanded over the last decade, two of the greatest inconveniences for the P.R.C. government have been managing unique relationships with each of the 42 individual countries of the region, and doing so in the shadow of the United States. China’s approach to this problem demonstrates a new assertiveness.
We can't know yet how the markets will behave in Argentina after the announcements made by the economic team, except that the Blue dollar continues to rise. What is clear is that finally the government and its dreamers and/or its grim followers should openly acknowledge the problems that the country faces, at least in the economic area.
Did Harry Reid kill the trade agenda? The Senate Majority Leader is no champion of economic freedom to be sure, but his opposition to the fast track bill (trade promotion authority) doesn’t kill it. It merely strengthens the hand of his colleagues who might support a more protectionist version of the legislation. It’s an invitation to negotiate.
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