. . . and in the real world

A long and closely argued post by Willem Buiter, The G20: expect nothing, hope for the best and prepare for the worst. In it Buiter sets out the agenda he would like to see on 2 April,

(1) A true commitment to maintain an open global trading environment.

(2) A true commitment to tackle the fiscal stimulus and macro-prudential financial regulation issues as part of an integrated package.

(3) A true commitment to increase the resources of the IMF at least 10-fold and to change its governance to reflect the current distribution of economic power in the world.

You need to read the whole post, and hope Gordon Brown and the Chancellor do.

And, finally, a measured take on bonuses,

Moral indignation is no substitute for thought.  Structuring incentives to promote the long-term interests of all the stake holders in listed companies is both important and complicated.

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