A Bearish Take

by John O'Sullivan

Secretary Paulson is a formidable Treasury Secretary, which is fortunate because his grand plan for economic stability faces obstacles that are about as formidable as he is. Just how formidable you can see from this wonderfully clear and illuminating (but very bearish) interview that Martin Wolf of the Financial Times gave to my colleague at Radio Free Europe/Radio Liberty, Jeremy Bransten. To fully understand the significance of this interview, you have to realize that Wolf, in addition to being one of the most distinguished economic correspondents now writing, has always been a strong supporter of free markets, free trade, deregulation, and the Anglo-American model of capitalism (as opposed to the Franco-German Rhineland model.) He’s no professional Cassandra of anti-capitalism, so when he lists the dangers and negative outcomes, geopolitically as well as financially and economically, you have to pay attention. Well, here he is. What do Larry the K and other Bulls make of this? 

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