Lawrence Summers, former U.S. Treasury Secretary and soon to be ex-president of Harvard because of culturally depraved remarks is floating some new ideas. Maybe the ideas include a new postion for him that would fit his own high estimation of his worth. In a recent speech in India, he counseled emerging countries to move some of their enormous holdings of U.S. Treasury debt into other emerging markets debt and assets where the returns would be higher. Here is where he might fit in. He said, " Because central banks are likely to be criticized if their investments do poorly and opportunities for mischief in picking assets and exercising control" Mr. Summers suggested the World Bank " could create an international facility in which countries could invest their excess reserves without taking domestic responsibility for the process of investment decision and ultimate result." Could he be that new portfolio manager who would take" responsibility for the process of investment decision" for the " excess reserves" ?
Summers is lacking cultural awareness. From his barbaric statements at Harvard to now, a former U.S. Secretary of the Treasury recommending publically for others to reduce their exposure to our debt. And then there is the prospect of Wolfowitz being his new boss at the World Bank. Do you think that the " Merchant of Menace" would have some ideas how to manage investment flows by Summers so that political results could be determined? How about less money flowing into Middle Eastern countries except Israel ?
Maybe Summer's new ideas were really Wolfy's ?
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