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20 April 2012

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Ian Jenkins

"The key point, though, is that the performance of the advanced economies, on average, is quite different from Scotland. Exports fell by more and recovered faster than they did in Scotland."

Too much can be made of the yardstick of export performance. In fact a few months ago it was reported that President Obama's plan to double exports by 2014 was proceeding apace, but imports already massive were more than doubling, so the US trade deficit was growing larger.

The main concern nowadays seems to be the absence of a mechanism to stop countries cheating [mercantilism], regardless of what political rules can be agreed for the global economy.

"President Barack Obama keeps insisting that “everyone has to play by the same rules”." http://www.ft.com/cms/s/0/e01ec77e-7288-11e1-9c23-00144feab49a.html#axzz1sc6HVjsd
International financial audit must be an answer. Article 2 of the NATO treaty, for example, provides for such a check; but so far, strangely no takers.

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