The global consensus on trade is unravelling

Financial Times by Lawrence Summers | Aug. 25, 2008 (Opinion)

with almost all the industrial world in or near recession, much of the momentum in the global economy is coming from countries with authoritarian governments that are pursuing economic strategies directed towards wealth accumulation and building up geopolitical strength rather than improving living standards for their populations. China, where household consumption has now fallen below 40 per cent of its gross domestic product - which must be some kind of ... Full Story »

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 by Andy Jamieson - Aug. 25, 2008

The author of the article, Lawrence Summers, is a professor at Harvard Univ. and the managing director of D.E. Shaw & Co., a gigantic Wall Street Hedge Fund enterprise, currently developing the world's first "mega computer", to simulate and study protein folding. (How many students do you guess Mr. Summers fits into his schedule?) Connect the dots: Harvard ... Hedge Fund ... Moving to biotech ... "Engage with a wider range of global economic stakeholders". This is sales-and-marketing speak and should be rated very low as "journalism", which it certainy is not.

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