“Who are they going to borrow it from?”

It’s still the economy, stupid [Who are you calling stupid? – Ed]. This time from today’s Stormont Live we start with the Northern Ireland DETI Minister, the DUP’s Arlene Foster, answering questions in the Assembly on projected job losses – and noting the multitude of voices with a multitude of forecasts. One of the voices referenced is economist Mike Smyth and back in the studio he still sounds less than optimistic, despite what the minister says. But he does do a good job in highlighting the problems that await those in the US, and elsewhere, tempted towards protectionism in a time of global credit crisis.

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  • Greenflag

    Mike Smyth does a good job of summarising the stark options facing the world’s biggest economies and indeed the issues which could face the smaller ones also . At least America now has a President who appears ready and capable of addressing the big issues without getting bogged down in simplistic ideological solutions. With the recent and ongoing failures of the ‘banking ‘ system worldwide (today its talk of Bank of America being split up) it’s hard not to see parallels with the world of the 1920s and 30s.

    The world had experience massive ‘globalisation ‘ in the latter part of the 19th century and the first decade or so of the 20th. This huge internationalisation and the disparate growth rates of Germany, USA and Japan vis a vis the then world power UK and the older empires set off tensions between the powers which had been held in check for 44 years ?

    Back then the politics /politicians /and imperialist ruling classes could not adjust quickly enough to changing world economics and democratic pressures .

    Deja vu time perhaps ?

    Arlene Foster answered her questions with a fortright honest display of common sense. I’m not normally impressed by NI politicians but I even forgot she was DUP – for a few momemts .