Reflecting on Rubinomics

Washington Post ^ | January 4, 2003 | George F. Will

[liberallarry]

NEW YORK -- Return now to those stirring adventures of yore, when the world was menaced by . . . the Thai baht. That, for those who have forgotten the summer of 1997, is a currency, then rapidly losing value.

Few Americans noticed the knife edge the world economy teetered on when Thailand triggered an Asian economic infection that threatened global convulsions. One reason that did not happen was U.S. leadership, as recounted by the treasury secretary at that time, Robert Rubin, in his memoir, "In an Uncertain World: Tough Choices from Wall Street to Washington."

[T'wit]

Rubin didn't bail out Thailand and Mexico. He bailed out his Wall Street buddies who'd loaned money to Thailand and Mexico. He did it with tax dollars -- I guess on the theory that his Wall Street friends deserve your money and mine more than we do.

Btw, I was in Bangkok last year and you could buy a whold big bunch of orchids for 10 bahts (about 22 cents, I think it was). Obviously the baht is worth something.

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[Thebaddog]

Soros was running all over the world manipulating currencies. Dig deep and it could well be the best version of greenmail the world has ever seen. And how could you ever have a conversation with Rubin if he disagreed with you about almost everything.

[CatoRenasci]

Soros, who has been a model capitalist in his personal success, preaches socialism for everyone not already as rich as he his. He is a very, very dangerous man, perhaps even an evil man. Unfortunately, permitting to continue to do his thing is the price of liberty. IF he steps over the boundries, however, we should nail him to the wall and let him rot in jail.