A Quote by Eskinder Nega
Aggregate aid is to the Ethiopian economy what Obama's fiscal stimulus was to the American economy: minus these injections, both economies would suffer catastrophically. The theatrical blustering of the Ethiopian government notwithstanding, donor countries have a make-or-break power over the Ethiopia's prosperity.
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I'm always very careful to say I'm Irish-Ethiopian because I feel Ethiopian and I look Ethiopian and I am Ethiopian. But there are 81 languages in Ethiopia, and I don't know any of them.
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We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism.
Which brings me to the point: In order to lose momentum, the U.S. economy has to have momentum to begin with. If it had any, I missed it. What we had was a government-prescribed course of amphetamines (to keep it up), antibiotics (to prevent infection) and antidepressants (to make it feel better). It endured regular steroid injections from both monetary and fiscal authorities. And it still has no real muscle.
What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.
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The Beautiful Things that Heaven Bears is very much about America - it just happens to have African and Ethiopian characters, and in fact, it happens to have more characters who are not Ethiopian than who are.
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Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.
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Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.
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I walked away from Kyoto because it would damage America's economy, you bet. It would have destroyed our economy. It was a lousy deal for the American economy. I felt there was a better way.
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