We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.
We've taken the view that if the rest of the world would democratize and create market economies, that would spread the benefits of prosperity around the world, and that it would enhance our own prosperity, and our own stability and security, as well.
There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now.
Globalization was a deep trend pushed by technology and right ideas, as much as anything else.
The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
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