The world has been keeping its eyes on those "Steelers" at the Capitol Hill who try to make the last minute touchdown by including a Buy-American (iron and steel) provision in its economic stimulus package. We'll wait and see whether they are as good as Pittsburgh Steelers that made it at last Sunday's Super Bowl. If the bill includes such a provision, other countries are most likely to retaliate with "Bye American". They are neither "Bestbuy" nor "Good-bye".
The shifts to protectionism is mounted all over the world. The increases in tariff and of government loan/guarantee are here and there. Professor Paul Krugman, a laureate of the latest Nobel prize in Economics, also discusses the benefits of "protectionism", but only when some specifications (contained, short-run one during a global liquidity trap) meet. The news reports from Davos in the past one week were colored by the criticisms on American capitalism for spreading the financial crisis.
Yet, fewer reports highlighted Putin's speech in his blame on the U.S. than in his remarks on the importance of economic liberalization. Interestingly enough, the premier emphasized the importance of free trade and so on. It's a bit self-contradictory while observing his country having increased its tariff on car imports and the state interventions in Sakhalin gas projects. Still, it's obvious the world needs market economy and the U.S. to come back with a solid, economic growth.
It's been a while since the Iron Maiden has gone. Now where is the "Iron Man" who save the world?
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