Spooked investors worldwide were fleeing risky assets like stocks. And from Shanghai to Sao Paulo, people were awakening to the reality that what is happening in these European minnow states has vast implications for the fate of the fragile global economic recovery.
The minute I hear the word Protectionism being denounced, odds are policy for the American people is being fought against by Corporate lobbyists.
Treasury Secretary Hank Paulson is now pronouncing the evils of any international regulation or anything geared to reduce the United States trade deficit:
Although we in the United States are taking many extraordinary measures to ease the crisis, we are not pursuing policies that would limit the flow of goods, services or capital, as such measures would only intensify the risks of a prolonged crisis
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