Forget Second Stimulus; We Need Economic Vision

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As the American economy slowly heals, the Obama administration will no doubt claim some credit for its $787 billion stimulus — and perhaps even suggest doubling down for a second stage. Republicans, for their part, will place their emphasis on the “slow” part of the equation and persistent high unemployment, blaming the very same stimulus program.

Whatever the politics, no new stimulus should be considered unless it deals with the fundamental illness undermining the country’s long-term economic prospects. Such a stimulus would address the country’s essential problem: persistent overconsumption amid underproduction.  read more »

Millennials Think Globally, Act Locally

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The phrase, “Think Globally, Act Locally” has often been used by environmentalists to sum up a strategy devoted to conserving the earth's scarce natural resources at the local level. More recently, business executives borrowed the idea to emphasize the need for building capabilities at the country or regional level even as they pursue global growth. But now the Millennial Generation, Americans born between 1982 and 2003, are giving the phrase an entirely new meaning as they pursue their efforts to change the world – one local community at a time.  read more »

Rating World Metropolitan Areas: When Money is an Object

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American metropolitan areas have been the subject of considerable derision. Often characterized as inferior to those of Australia, Canada, Europe and even of Japan by planners and politicians who travel abroad, there has long been a desire to reshape American cities along the lines of foreign models. Yet, despite this, American metropolitan areas generally provide a standard of living to their residents unmatched anywhere in the world. This is based upon the latest comparative economic data for the world’s most affluent metropolitan areas.  read more »

ULI Moving Cooler Report: Greenhouse Gases, Exaggerations and Misdirections

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Yesterday a group of environmental advocacy groups, foundations and other organizations released a report, Moving Cooler, amid much fanfare, seeking to have us believe that it is a serious study of GHG reduction options in the transportation sector. It is immensely disappointing. The world could use a dispassionate, objective and broad-based assessment of petroleum reduction options as well as their positive and negative consequences. This is not it.  read more »

Salinas Dispatch: A Silver Lining in the Golden State

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From a distance, a crisis often takes on ideological colorings. This is true in California, where the ongoing fiscal meltdown has devolved into a struggle between anti-tax conservatives and free-spending green leftist liberals.

Yet more nuances surface when you approach a crisis from the context of a specific place. Over the past two years my North Dakota-based consulting partner, Delore Zimmerman, and I have been working in Salinas, a farm community of 150,000, 10 miles inland from the Monterey coast and an hour's drive south of San Jose.  read more »

The Dollar: Running on Reserve

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During the recent financial crisis, I didn’t meet anyone else who was invested in stocks and bonds. I guess I was the only one. Everyone else was holding “cash,” as they often quietly boasted. But even if your money is kept under a mattress, cash is best understood as a zero-coupon bond, in most cases drawn against an overdrawn nation-state.

Cash may be king, but the sovereign looks more temporary than a Romanov heir living in a rented villa in the south of France.  read more »

UK Green Path leads to Deindustrialization and Worsening Housing Shortage

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The First Secretary of State, Secretary of State for Business, Innovation and Skills, and Lord President of the Council, Peter Mandelson, together with Ed Miliband, the Secretary of State for Energy and Climate Change, have published The UK Low Carbon Industrial Strategy. They are claiming it promises an "economic revolution” but is in fact an environmentalist retreat from industrial production It is a disastrous strategy that will result in further de-industrialisation, supposedly with the aim of addressing a rather vague threat of climate change.  read more »

Globalization Leads to Civic Leadership Culture Dominated by Real Estate Interests

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"Cleveland’s leadership has no apparent theory of change. Overwhelmingly, the strategy is now driven by individual projects. These projects, pushed by the real estate interests that dominate the board of the Greater Cleveland Partnership, confuse real estate development with economic development. This leads to the 'Big Thing Theory' of economic development: Prosperity results from building one more big thing."  read more »

Moving to Reloville, America's Cross-Country Careerists

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Peter T. Kilborn’s Next Stop, Reloville: Life Inside America's New Rootless Professional Class documents an important piece of social history: the lives of relocating corporate executives. These modern-day ­nomads—overwhelming white, well-educated and middle-class—maintain the business machine of large companies. They include the technicians, marketing executives and professional managers who accept a rootless life in exchange for handsome remuneration.  read more »

Follow the Money: Special Inspector General for the Bailout

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The House Committee on Oversight and Government Reform held a critically important hearing on July 21 titled "Following the Money: Report of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP)." Sadly the mainstream media under reported the meeting.  read more »