"Despite the long debate on welfare reform and the clear benefits of America's Personal Responsibility and Work Opportunity Reconciliation Act 1996, Barack Obama hesitates to accept a social-policy truth that sticks out like canine testes. Responsibility and choice should never be subsumed by a focus on structural solutions; when this happens, you end up with the kind of shallow determinism that Obama ultimately falls victim to. He would be truly radical if he was equally vehement about equipping citizens to seize opportunities and convert them into capabilities."
- Pearson on Obama
Suspicion grows that China is exporting deflation worldwide by driving down yuan - The Chinese Yuan weakened yet again this morning, punching through the key line of 6.25 against the dollar. It is almost back to where it was two years ago...
2 hours ago