ANOTHER PERSPECTIVE

One of my most respected economic thinkers here in U.K. is Jeremy Warner, who publishes a column in "The Daily Telegraph". He is obviously well educated in the fields of Economics and Commerce, plus he writes fluently, and frequently hits the bullseye in analyzing the economic problems of today.

Yesterday he did not have a column in "The Telegraph" but a full-fledged article entitled "AMERICA FACES A DECISION THAT WILL DEFINE ITS FUTURE---AND OURS". Let me quote some lines that will give you the essence of the article.

"Economic might is as much to do with confidence and perception as reality. The spectacle of a nation so lacking in credible political leadership that it cannot resolve its differences, threatens to default on its debts and would rather print money than face up to its underlying economic challenges, is already perilously close to breaking the spell. America needs to wake up before it's too late."

The spell he refers to is the perception of America as the land of economic miracles and leadership, setting a standard for the world. He feels the present deficit crisis is underminig that confidence in and perception of America.

Sometimes it helps to have an objective viewpoint in analyzing a crisis. Obama and Boehner, plus a host of others, please heed.

Another final quote from Mr.Warner: "For the U.S. to forsake the principles that have underpinned its economic success for more than two centuries would be a disaster, not just for the country, but for the world."